UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-23566

Bow River Capital Evergreen Fund
(Exact name of registrant as specified in charter)

205 Detroit Street, Suite 800
Denver, Colorado 80206

(Address of principal executive offices) (Zip code)

Jeremy Held

Bow River Advisers, LLC

205 Detroit Street, Suite 800
Denver, Colorado 80206

(Name and address of agent for service)

COPIES TO:

Joshua B. Deringer, Esq.

Faegre Drinker Biddle & Reath LLP
One Logan Square, Ste. 2000
Philadelphia, PA 19103-6996

215-988-2700

Registrant's telephone number, including area code: (303) 861-8466

Date of fiscal year end: March 31

Date of reporting period: March 31, 2026

Item 1. Reports to Stockholders.

(a)

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1)

Bow River Capital Evergreen Fund

Annual Report

March 31, 2026

bowriverevergreen.com • 1-888-330-3350

• DISTRIBUTED BY FORESIDE FINANCIAL SERVICES, LLC (MEMBER OF FINRA)

Bow River Capital Evergreen Fund

TABLE OF CONTENTS
MARCH 31, 2026

Manager’s Discussion of Fund Performance		1
Consolidated Schedule of Investments		7
Consolidated Statement of Assets and Liabilities		16
Consolidated Statement of Operations		17
Consolidated Statements of Changes in Net Assets		18
Consolidated Statement of Cash Flows		19
Consolidated Financial Highlights		20
Notes to Consolidated Financial Statements		22
Report of Independent Registered Public Accounting Firm		49
Trustees and Officers (Unaudited)		50
Additional Information (Unaudited)		53
Privacy Notice		55

Bow River Capital Evergreen Fund

MANAGER’S DISCUSSION OF FUND PERFORMANCE
MARCH 31, 2026

Dear Bow River Capital Evergreen Fund Investor:

We are pleased to present our annual report for the Bow River Capital Evergreen Fund.

The Bow River Capital Evergreen Fund (the “Fund”) was launched in May of 2020 to provide investors with access to private equity investments with broader investment exposure and greater flexibility than traditional private investment funds¹. By providing access to private equity in an investor-friendly vehicle we believe the Fund will help investors build better portfolios.

The Fund seeks to capture the best practices of private equity investing by combining the access, scale and pricing power of a large institution² with the specialization and agility of a middle-market boutique. The Fund’s investment objective is to generate long-term capital appreciation by investing in a broad portfolio of private equity investments that provide attractive risk-adjusted return potential.

Since its launch in 2020, the Fund has been well received by investors as both a private markets access vehicle and as a portfolio customization tool. As of March 31, 2026 the Fund has a diverse investor base including wealth management firms, individual investors, family offices and institutional investors.

Highlights for the fiscal year ended March 31, 2026 include the following:

• The Fund returned 13.0% net of fees for the 1-year period ended March 31, 2026, bringing the Fund’s annualized inception-to-date (12/31/2020) return to 13.6% and cumulative total net return to 95.2%.

• The Fund deployed a total of $290m into 37 transactions during the year across the co-investment, secondary and primary fund market, bringing total private market investments in the Fund to 170.

• The Fund’s assets increased from $760 million in March 2025 to $1.2 billion at the end of March 2026.

Performance data quoted represents past performance and is no guarantee of future results.

The Fund’s most recent fiscal year marked a period of increasingly divergent signals, reflecting a late-cycle economy coexisting with powerful structural growth drivers. On one hand, macroeconomic and geopolitical instability ranging from ‘Liberation Day’ to the ongoing war in Ukraine to the new war in Iran tempered investor sentiment. These tensions, coupled with higher baseline inflation, tighter financial conditions and slower growth have created the potential for a stagflationary economic outlook. Of particular concern is the employment picture, now heavily concentrated in the healthcare sector, as well as consumer activity that is increasingly being driven by higher-income households while the broader base shows signs of strain.

On the other hand, these market headwinds are offset by continued strength in corporate earnings, a resilient and active M&A market, and sustained investment in technology — particularly AI — which is driving capital expenditures and supporting pockets of growth. Taken together, the outlook is best understood not as uniformly strong or weak, but as bifurcated: cyclical areas of the economy are softening, while capital-driven and technology-enabled segments remain robust, resulting in a highly dispersed and nuanced investment landscape. This is consistent with the trend that our team has been describing for several quarters and we believe only increases the dispersion in investment outcomes going forward.

In this environment, we believe the gap between winners and losers is widening, particularly in private markets, reinforcing the importance of investment selectivity, underwriting discipline, and a focus on structurally advantaged sectors and business models.

⁽¹⁾ Traditional private investment funds refers to private equity drawdown vehicles that generally have high investment minimums and long-dated timelines for returning capital to investors.

⁽²⁾ Large institutional pricing power refers to the Fund’s partnerships with New York Life for deal sourcing.

Bow River Capital Evergreen Fund

Manager’s Discussion of Fund Performance (CONTINUED)
MARCH 31, 2026

Asset Allocation

We also believe the bifurcated nature of future returns and increased dispersion in private equity will create some great investment opportunities. The Fund team has always taken a disciplined yet dynamic approach to portfolio deployment, allowing us to take advantage of market dislocation and asset mispricing.

Most importantly, we believe a consistent approach to deployment, asset allocation and underwriting will generate positive returns throughout multiple market cycles. To that end, the Fund’s source of returns has been remarkably stable over time, led by investments in direct companies and complemented by investments in secondaries and primary fund commitments. This performance profile lies in stark contrast to many funds in the Evergreen category that are overly reliant on the secondary market to generate returns.

We continue to believe that the best opportunities in the private equity sector remain in the lower middle market and middle market. Smaller private companies tend to operate in less efficient market segments and can benefit greatly from sector specialist private equity ownership. Furthermore, smaller companies tend to gain more from operational value creation initiatives than their large cap counterparts and the buyer pool for smaller companies tends to be deeper and more diverse. As shown in the chart below, the majority of the value creation generated in the Fund has come from its investments in lower middle market and middle market companies.

Bow River Capital Evergreen Fund

Manager’s Discussion of Fund Performance (CONTINUED)
MARCH 31, 2026

Another trend that is gradually taking shape is the increasing attractiveness of the growth and venture capital market. The Fund has the ability to invest up to 30% of its portfolio in growth and venture companies and invested heavily in the sector in 2020 before divesting a large portion in 2022. After more than a three-year pause in deployment, the Fund has started to reallocate toward growth and venture companies that have started to show signs of life alongside more reasonable valuations. Furthermore, consolidation in the industry has accelerated over the past several years as the industry has retrenched, leaving surviving firms in a better position. The number of active US VC firms declined by over 25%, from 8,315 in 2021 to 6,175 in 2024, reflecting consolidation of capital among VC managers. As a result, the team has increased the Fund’s private equity exposure to venture capital to 7% as of March 31, 2026, up from 1% as of March 31, 2025.

Bow River Capital Evergreen Fund

Manager’s Discussion of Fund Performance (CONTINUED)
MARCH 31, 2026

Performance

The Fund returned 13.0% net of fees for the 1-year period ended March 31, 2026, bringing the Fund’s annualized inception-to-date (12/31/2020) return to 13.6% and cumulative total net return to 95.2%. Fund performance during the year was driven largely by valuation uplift in several of the Fund’s direct co-investments, particularly in middle and lower middle market companies.

* This graph compares a hypothetical $250,000 investment in the Fund’s Class I Shares with a similar investment in the MSCI World Index. Results include the reinvestment of all dividends and capital gains, and do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. The index does not reflect expenses or fees, which would lower performance.

** The MSCI World Index is a stock market index made up of approximately 1,600 global stocks. It is used as a common benchmark for ‘world’ or ‘global’ stock funds. The index comprises a collection of stocks of all the developed markets in the world, as defined by MSCI and includes stocks from 23 countries but excludes stocks from emerging and frontier economies. The index is used herein for illustrative purposes only. Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with managed accounts or investment funds. Index results assume the re-investment of all dividends and capital gains. The index is not a projection, prediction or guarantee of performance. Investments cannot be made directly into an index. The performance of the index shown represents unmanaged, passive buy-and-hold strategies, investment characteristics and risk/return profiles that differ materially from the Fund, and an investment in the Fund is not comparable to an investment in such index or in the securities that comprise the index.

Annualized Total Return Information

Share Class	1-Year	2-Year	3-Year	5-Year	Since Inception	Inception Date
Class I	13.00%	13.06%	12.96%	12.51%	13.60%	12/31/2020
Class II	12.70%	12.76%	12.68%	n/a	10.80%	1/3/2022
Fund Benchmark
MSCI World Index⁽¹⁾	18.90%	12.81%	16.77%	10.27%	10.77%⁽²⁾

⁽¹⁾Primary benchmark

⁽²⁾Benchmark since inception returns reflect Class I inception date

Performance data quoted represents past performance and is no guarantee of future results.

Bow River Capital Evergreen Fund

Manager’s Discussion of Fund Performance (CONTINUED)
MARCH 31, 2026

Outlook

As we look forward, we see plenty of obstacles but also plenty of opportunity. Despite the headwinds, we believe opportunities will exist for disciplined, yet flexible pools of capital with dry powder³. For example, the team leaned heavily into venture, growth equity and private equity secondaries in the summer and fall of 2020 as a premium developed for flexible capital that could move with speed and certainty of execution. We also dynamically allocated to private credit secondaries in late 2022 and 2023 on the heels of an increase in base rates and attractive spreads per unit of leverage. Over the past several years we have tilted the portfolio toward lower middle market sector specialists in infrastructure, business services and healthcare services sectors with resilient business models and multiple paths to exit.

If history serves as a reliable guide, we believe U.S. private equity — and specifically our flexible mandate and direct co-investment strategy targeting lower-middle market companies — should offer insulation from current market volatility and uncertainty. Historically, the Fund’s adaptable approach has enhanced both portfolio performance and deployment effectiveness during market disruptions and we look forward to maintain our discipline and capitalizing on current market conditions to benefit our investors.

Sincerely,

The Bow River Capital Evergreen Fund Team


Jeremy Held		Joe Stork

The Bow River Capital Evergreen Fund Team

An offer can only be made by the prospectus and only in jurisdictions in which such an offer would be lawful. The prospectus contains important information concerning risk factors and other material aspects of the Fund to carefully consider and must be read carefully before a decision to invest is made. Please visit www.bowriverevergreen.com or contact your Financial Advisor to obtain a copy of the prospectus.

The Fund commenced investment operations on December 31, 2020, after the conversion of a limited partnership Account, Bow River Capital Evergreen Private Equity Fund LP, which commenced operations on May 22, 2020, (the “Predecessor Account”), into shares of the Fund’s Class I Shares. Information portrayed prior to December 31, 2020 is for the Predecessor Account. The Fund’s objectives, policies, guidelines and restrictions are in all material respects equivalent to those of the Predecessor Account. The Predecessor Account was not registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and therefore was not subject to certain restrictions imposed by the 1940 Act on registered investment companies and by the Internal Revenue Code of 1986, as amended on regulated investment companies. If the Predecessor Account had been registered under the 1940 Act, the Predecessor Account’s performance may have been adversely affected.

Performance data quoted represents past performance and is no guarantee of future results. Total return figures include the reinvestment of dividends and capital gains. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. For the most recent month end performance, please call (888)-330-3350.

Any person subscribing for an investment must be able to bear the risks involved and must meet the suitability requirements of the Fund. Investors could lose all or a substantial amount of their investment. No assurance can be given that the Fund’s investment objectives will be achieved. The Fund is speculative and involves a substantial degree of risk. The Fund is a closed-end, diversified management

⁽³⁾Dry powder refers to cash and cash equivalents that could be invested.

Bow River Capital Evergreen Fund

Manager’s Discussion of Fund Performance (CONTINUED)
MARCH 31, 2026

investment company that will make periodic repurchase offers for its securities and is highly illiquid. There is no secondary market for investors’ interests, and none is expected to develop. There are certain restrictions on transferring interests. Fees and expenses will offset the Fund’s trading profits. The Fund is subject to conflicts of interest. Other risks include those related to equity securities, fixed income securities, high-yield/high risk bonds, listed private equity, listed infrastructure securities, foreign securities, derivative instruments, leverage, capital calls, investment manager risk, as well as those related to general economic and market conditions, all of which may present significant risks. Please see the prospectus for more information on these and other risks.

Bow River Advisers, LLC (“Bow River Capital”) is the management company for the Bow River Capital Evergreen Fund.

All statements made herein are opinions of Bow River Capital and should not be construed as investment advice and recommendations.

Fund Distributor: Foreside Financial Services, LLC

Bow River Capital Evergreen Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS
MARCH 31, 2026

	Value
Private Investments — 87.8%
Direct Investments — 49.5%
Credit — 5.0%
Opportunistic — 1.0%
CL-EA Co-Investment Opportunities I, LP, 10.42% (SOFR1M + 6.50%), 12/31/2029, principal $3,000,000^(1),(2)	$	6,596,833
Digital Alpha Solutions Fund, LP, 13.85% (SOFR3M + 9.50% PIK + 4.35%)^(1),(2)		4,539,663
Palmer Square Loan Funding 2021-3, Ltd.⁽¹⁾		9,000
Sand Trust Series 21-1A – Class SUB, principal $1,000,000, 4/15/2038⁽¹⁾		452,500
		11,597,996

Senior Credit — 0.9%
ClearScale, LLC T/L A, 12.42% (SOFR1M + 8.75%), 6/30/2027, principal $1,038,970^(1),(3)		901,668
Corsair Blade IV (Luxembourg) S.a.r.l., 8.03% (EurlBOR3M + 6.00%, principal EUR 1,004,293) and 9.97% (SONIA + 6.00%, principal GBP 2,214,393), 4/22/2031^(1),(3)		4,516,815
Pathstone Family Office, LLC, 8.27% (SOFR1M + 4.50% + CSA), 5/19/2029, principal $2,923,577^(1),(3)		2,882,543
VCPF III Co-Invest 1-A, LP^(1),(2)		2,971,044
		11,272,070

Subordinated Credit — 3.1%
Eagle Point Co-Invest II, LP^(1),(2)		4,113,198
Eagle Point SRT Co-Invest I, LP, 10.03% (EurlBOR3M + 8.00%), 9/26/2031, principal EUR 6,250,000^(1),(3),(5)		3,291,720
Nexus Apex Holdings, LLC^(1),(3),(8)		9,800,000
PARIOU SLP, 8.00% PIK, 10/31/2030, principal EUR 5,208,720^(1),(2)		7,801,661
Polaris Newco, 13.45% (SOFR3M + 9.00% + CSA, 1.00% Floor), 6/3/2029, principal $2,150,195^(1),(3)		1,655,650
Steamboat Credit Opportunities I, LLC^{(1),(2),(6),(8)}		11,351,317
		38,013,546
		60,883,612
Equity — 44.5%
Buyout — 41.1%
ACP Hyperdrive Co-Invest, LLC^(1),(2),(4)		2,507,199
AE Co-Investment Partners Fund III-R, LP^(1),(3),(4)		12,056,039
Alpine Investors Iceman CV[-A], LP^{(1),(2),(4),(7)}		11,578,865
AP DSB Co-Invest II, LP^(1),(2),(4)		3,881,929
AP Goat Co-Invest, LP^(1),(2),(4)		4,957,468
Beekeeper TopCo^(1),(3),(4)		5,500,000
Biloxi Co-Investment Partners, LP^(1),(2),(4)		2,123,052
Butterfly Nourish Co-Invest, LP^(1),(2),(4)		12,388,389
BW Colson Co-Invest Feeder (Cayman), LP^(1),(2),(4)		6,245,390
BW Phoenix Co-Invest, LP^(1),(2),(4)		13,912,794
Carlyle Riser Co-Investment, LP^(1),(2),(4)		1,801,240
CF24XB SCSp^(1),(2),(4)		12,170,373
CIP IX Co-Investment Vehicle 2, LP^(1),(2),(4)		10,503,262
Constellation 2022, LP^(1),(2),(4)		5,221,928
Corsair Amore Investors, LP^{(1),(3),(4),(7)}		1,950,062
Corsair Riva Munich Co-Investment, LP^(1),(2),(4)		9,259,279

See accompanying Notes to Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2026

	Value
Private Investments — 87.8% (continued)
Direct Investments — 49.5% (continued)
Equity — 44.5% (continued)
Buyout — 41.1% (continued)
Coyote 2021, LP^(1),(2),(4)	$	10,931,898
DSG Group Holdings, LP^(1),(3),(4)		10,961,900
Enak Aggregator, LP^(1),(2),(4)		4,510,342
Ethos Capital Digital Infrastucture, LP^(1),(2),(4)		3,784,421
Falcon Co-Investment Partners, LP^(1),(2),(4)		3,039,245
First Reserve Ascent Opportunities Feeder Fund, LP^{(1),(2),(4),(8)}		9,577,014
H.I.G. Starlite-B Co-Investment, LP^(1),(2),(4)		7,743,271
Hg Vega Co-Invest, LP^(1),(2),(4)		9,409,159
HHC InXpress Group CV, LP^{(1),(2),(4),(8)}		6,294,192
ISH Co-Investment Aggregator, LP^(1),(2),(4)		2,306,281
IvyRehab Holdings, LLC^{(1),(3),(4),(7)}		11,022,719
Kelso XI Astra Co-Investment, LP^{(1),(2),(4),(8)}		17,704,346
KKR Game Changer Co-Invest, LP^{(1),(3),(4),(7)}		8,400,000
LH Equity Investors, LP^(1),(2),(4)		20,387,689
LJ Ranger Co-Invest, LP^{(1),(2),(4),(8)}		11,080,548
MML Stratos Investco, Ltd.^{(1),(3),(4),(8)}		5,776,340
NCS Investment, LP^{(1),(2),(4),(7)}		6,338,993
OceanSound Partners Co-Invest II, LP – Series B^(1),(2),(4)		12,323,914
OceanSound Partners Co-Invest II, LP – Series E^{(1),(2),(4),(7)}		13,944,485
OceanSound SMX Continuation Fund, LP^{(1),(2),(4),(7)}		7,247,356
OceanSound SMX Rollover, LP^{(1),(2),(4),(7)}		2,070,521
Onex OD Co-Invest, LP^(1),(2),(4)		3,492,438
OSP Co-Invest II, LP^{(1),(2),(4),(7)}		13,103,336
Palms Co-Investment Partners, LP^(1),(2),(4)		4,311,546
Project Stream Co-Invest Fund, LP^(1),(2),(4)		2,317,155
PS Co-Invest II, LP^{(1),(2),(4),(8)}		3,240,931
PSC Tiger, LP^(1),(2),(4)		10,746,516
QHP Sapphire SPV, LP^(1),(3),(4)		21,832,996
SANCY SLP^(1),(2),(4)		1,623,019
SCPCV-A, LP^(1),(2),(4)		5,680,772
SEP Hamilton III Aggregator, LP^(1),(2),(4)		3,059,781
SEP Skyhawk Fund III Aggregator II, LP^(1),(2),(4)		550,517
SEP Skyhawk Fund III Aggregator, LP^(1),(2),(4)		375,507
Silver Lake Strategic Investors VI, LP^(1),(2),(4)		7,058,307
Soundcore Fund III REP CI-A, LP^{(1),(2),(4),(8)}		3,177,049
Soundcore Fund III RR CI-A, LP^(1),(2),(4)		4,968,843
Soundcore Fund III TS CI-A, LP^(1),(2),(4)		2,971,836
Sprinkler 2024 Co-Investment I (Feeder) SCSp^(1),(2),(4)		16,000,064
T6 Co-Invest B, LP^(1),(2),(4)		10,971,664
TCV Beat Co., LP^(1),(2),(4)		9,187,073

See accompanying Notes to Consolidated Financial Statements.

Bow River Capital Evergreen Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2026

	Value
Private Investments — 87.8% (continued)
Direct Investments — 49.5% (continued)
Equity — 44.5% (continued)
Buyout — 41.1% (continued)
TPG IX Evergreen Cl 1, LP^(1),(2),(4)	$	11,956,263
Tracer Investors Co-Invest, LP^(1),(2),(4)		9,571,778
Truelink Alpine, LP^(1),(2),(4)		5,911,716
VCF Compass Co-Investor Holdings II, LP^(1),(2),(4)		1,052,237
VCF Compass Co-Investor Holdings, LP^(1),(2),(4)		8,771,162
Veregy Parent, LLC^(1),(3),(4)		6,622,254
Vistage Equity Investors, LP^(1),(2),(4)		11,972,262
Wildcat 21 Co-Invest Fund, LP^(1),(2),(4)		3,846,944
WP Gateway Co-Invest, LP^(1),(2),(4)		3,063
Yorkville Partners, LP^(1),(2),(4)		13,542,366
		498,831,298

Growth Equity — 2.8%
Cheetah Investment Holdings-A, LLC^{(1),(3),(4),(8)}		16,713,240
Curaechoice, Inc.^{(1),(3),(4),(8)}		5,258,679
Ion Pacific Ostrich Echo, LLC^(1),(2),(4)		3,201,744
NVP Olipop, LLC^(1),(2),(4)		1,255,173
Pinegrove Opportunity Partners I Gold Co-Invest, LP^{(1),(2),(4),(8)}		5,074,083
WestCap Cerebral Co-Invest 2021, LLC^{(1),(2),(4),(7)}		60,562
WestCap LoanPal Co-Invest 2020, LLC^{(1),(3),(4),(7)}		2,494,355
		34,057,836

Venture — 0.6%
NVP Mars Co-Invest II, LP^{(1),(3),(4),(8)}		1,500,000
NVP Mars Co-Invest, LP^{(1),(2),(4),(8)}		5,551,264
		7,051,264
		539,940,398
Total Direct Investments (Cost $415,910,675)		600,824,010

Primary Funds — 14.6%
Credit — 2.1%
Opportunistic — 0.0%
Lynx EBO Fund I (A), LLC^(1),(2),(4)		24,625

Senior Credit — 0.8%
Ashgrove Specialty Lending Fund I SCSp RAIF^(1),(2),(4)		589,251
Ashgrove Specialty Lending Fund II^(1),(2),(4)		803,916
Coller Credit Opportunities I – B, LP^(1),(2)		3,284,542
Onex Structured Credit Opportunities International Fund I, LLC^(1),(2)		276,511
Tikehau Private Debt Secondaries II SCSp^{(1),(3),(4),(8)}		2,078,484
Tikehau Private Debt Secondaries (Delaware), LP^(1),(2),(4)		1,983,267
		9,015,971

See accompanying Notes to Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2026

	Value
Private Investments — 87.8% (continued)
Primary Funds — 14.6% (continued)
Credit — 2.1% (continued)
Subordinated Credit — 1.3%
Blue Owl Asset Special Opportunities IX GP, LP^{(1),(2),(4),(8)}	$	6,887,309
Eagle Point Enhanced Income Fund US, LP^(1),(2),(4)		8,185,230
PBN II-A Equity Holdings, LP^(1),(2),(4)		700,454
		15,772,993
		24,813,589
Equity — 12.5%
Buyout — 8.6%
Avista Healthcare Partners II, LP^(1),(2),(4)		4,723,540
Capital Dynamics Global Secondaries VI, LP^(1),(2),(4)		870,393
Dawson Portfolio Finance 4, LP^{(1),(2),(4),(8)}		3,413,141
Dawson Portfolio Finance 5, LP^{(1),(2),(4),(8)}		5,178,481
Ethos Capital Investments, LP^(1),(2),(4)		2,773,434
FFL Capital Partners V, LP^{(1),(2),(4),(8)}		10,150,176
Gridiron Capital Fund V, LP^(1),(2),(4)		5,272,207
ICG LP Secondaries Fund I, LP^(1),(2),(4)		3,117,869
MML Keystone SCSp^{(1),(2),(4),(8)}		3,602,656
OceanSound Partners Fund II, LP^{(1),(2),(4),(8)}		8,025,715
OceanSound Partners Fund, LP^{(1),(2),(4),(8)}		5,798,302
Overbay Fund XIV Offshore, LP^(1),(2),(4)		1,604,014
Sheridan Capital Partners Fund III, LP^{(1),(2),(4),(7)}		5,443,688
SK Capital Partners VI-A, LP^(1),(2),(4)		9,157,994
Soundcore Capital Partners Fund III-A^(1),(2),(4)		3,442,714
Sumeru Equity Partners Fund III, LP^(1),(2),(4)		2,421,627
Sumeru Equity Partners Fund IV, LP^(1),(2),(4)		2,625,485
Triton Fund 6 SCSp^(1),(2),(4)		1,163,371
Truelink Capital Fund I-A, LP^(1),(2),(4)		11,672,305
Valeas Capital Partners Fund I, LP^{(1),(2),(4),(8)}		14,272,492
		104,729,604

Growth Equity — 3.5%
Ion Pacific Stonecutter III (Cayman), LP^(1),(2),(4)		2,608,391
New Vintage Partners Fund I, LP^{(1),(2),(4),(7)}		5,955,418
Pinegrove Opportunity Partners I, LP^{(1),(2),(4),(8)}		6,423,110
Prysm Capital Fund II, LP^{(1),(3),(4),(8)}		14,860,897
WestCap Strategic Operator Fund II, LP^(1),(2),(4)		6,537,410
WestCap Strategic Operator U.S. Feeder Fund, LP^(1),(3),(4)		6,243,134
		42,628,360

Opportunistic — 0.3%
Grain Spectrum Holdings III (Cayman), LP^(1),(2),(4)		4,149,265

See accompanying Notes to Consolidated Financial Statements.

Bow River Capital Evergreen Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2026

	Value
Private Investments — 87.8% (continued)
Primary Funds — 14.6% (continued)
Equity — 12.5% (continued)
Real Assets — 0.1%
EnCap Energy Transition Fund 1-A, LP^(1),(2),(4)	$	725,284
		152,232,513
Total Primary Funds (Cost $115,076,911)		177,046,102

Private Investment Funds — 3.5%
Liquid — 3.0%
Bright Meadow Agency MBS Onshore Fund, LP^(1),(2),(4)		8,402,810
Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd.^(1),(2),(4)		9,917,561
Voleon Composition International Fund^(1),(2),(4)		12,702,821
Voloridge Fund, LP^(1),(2),(4)		5,235,923
		36,259,115

Senior Credit — 0.5%
PIMCO DSCO Fund II Offshore Feeder, LP^(1),(2),(4)		6,124,855
Total Private Investment Funds (Cost $36,873,127)		42,383,970

Secondary Funds — 20.2%
Credit — 3.7%
Senior Credit — 1.0%
AG DLI IV (Unlevered), LP^(1),(2),(4)		8,735,824
BRCE SPV I, LLC^(1),(3),(4)		146,973
Brightwood U.S. Credit Fund, LP^(1),(2)		2,217,575
Coller Credit Opportunities I – Annex I, SLP^(1),(2)		1,193,235
		12,293,607

Subordinated Credit — 2.7%
CCS Co-Investment Vehicle I, LP^(1),(2),(4)		4,711,682
CCS Co-Investment Vehicle 2 (Feeder), LP^(1),(2),(4)		13,563,931
Coller Capital CBL Fund II^(1),(3),(4)		3,934,516
CRG Partners III – Parallel Fund (A), LP^(1),(2),(4)		1,546,297
RREF III Debt Domestic Investors, LP^{(1),(2),(4),(8)}		6,240,583
RREF III Debt Direct Domestic Investors, LP^{(1),(2),(4),(8)}		2,416,752
		32,413,761
		44,707,368

Equity — 16.5%
Buyout — 15.0%
Adams Street 2009 Direct Fund, LP^(1),(2),(4)		14,697
Adams Street 2010 Direct Fund, LP^(1),(2),(4)		23,018
Adams Street 2011 Direct Fund, LP^(1),(2),(4)		32,120
Adams Street 2011 Non-U.S. Developed Markets Fund, LP^(1),(2),(4)		76,954
Adams Street 2011 U.S. Fund, LP^(1),(2),(4)		169,593
Adams Street 2013 Global Fund, LP^(1),(2),(4)		1,350,890

See accompanying Notes to Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2026

	Value
Private Investments — 87.8% (continued)
Secondary Funds — 20.2% (continued)
Equity — 16.5% (continued)
Buyout — 15.0% (continued)
Adams Street 2014 Global Fund, LP^(1),(2),(4)	$	752,352
Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP^(1),(2),(4)		29,683
Adams Street Partnership Fund 2009 U.S. Fund, LP^(1),(2),(4)		75,545
Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP^(1),(2),(4)		76,954
Adams Street Partnership Fund 2010 U.S. Fund, LP^(1),(2),(4)		155,589
Alchemy Special Opportunities Fund II, LP^(1),(2),(4)		1,186,817
Altor Fund IV (No. 1) AB^(1),(2),(4)		5,222,122
ASP (Feeder) 2017 Global Fund, LP^(1),(2),(4)		989,455
Blue Wolf Capital Fund IV, LP^(1),(2),(4)		4,565,664
Brentwood Associates Private Equity VI, LP^(1),(2),(4)		3,091,956
Coller International Partners VI Feeder Fund, LP – Class A^(1),(2),(4)		41,384
Coller International Partners VII Feeder Fund, LP – Series B^(1),(2),(4)		1,160,776
Crown Secondaries Special Opportunities II B, S.C.S.^(1),(2),(4)		3,206,447
Crown Secondaries Special Opportunities II, S.C.S.^(1),(2),(4)		8,381,944
Gasherbrum Fund II, LP^(1),(2),(4)		5,219,535
Global Infrastructure Partners III-A/B, LP^{(1),(2),(4),(8)}		2,237,528
Graphite Capital Partners VIII D, LP^(1),(3),(4)		2,809,503
Great Hill Equity Partners IV, LP^{(1),(3),(4),(8)}		1,011,503
Great Hill Equity Partners V, LP^{(1),(3),(4),(8)}		4,278,806
ICG Europe Fund VII Feeder SCSp^(1),(2),(4)		4,294,285
ICG Ludgate Hill IV-A Leopard, LP^(1),(2),(4)		5,299,604
KH Aggregator, LP^(1),(2),(4)		3,699,452
Leeds Equity Partners VI, LP^(1),(2),(4)		3,382,202
Leeds Equity Partners VII-A, LP^(1),(2),(4)		5,069,140
Onex Fund V, LP^(1),(2),(4)		5,938,435
Overbay 2025 Fund (International), LP^(1),(2),(4)		8,778,097
Overbay 2025 Fund Annual Series Aggregator (AIV V), LP^{(1),(2),(4),(8)}		9,261,975
Overbay Capital Partners 2023 Fund Aggregator, LP^(1),(2),(4)		11,079,102
Overbay Capital Partners 2024 Fund Aggregator (AIV VII), LP^(1),(2),(4)		24,995,054
Overbay Capital Partners 2024 Fund Aggregator (AIV VI) II, LP^(1),(2),(4)		13,984,206
Overbay Fund XIV (AIV III), LP^(1),(2),(4)		662,863
Overbay Fund XIV Offshore (AIV), LP^(1),(2),(4)		1,807,261
Porcupine Holdings, LP – Class A^(1),(2),(4)		2,592,896
Porcupine Holdings, LP – Class B^(1),(2),(4)		1,426,166
Resolute Fund IV, LP^(1),(2),(4)		3,354,417
Resolute III Continuation Fund, LP^(1),(2),(4)		8,732,959
SEP Hamilton, LP^{(1),(3),(4),(7)}		985,113
Vistria Agua CV, LP^{(1),(2),(4),(8)}		21,227,355
		182,731,417

See accompanying Notes to Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2026

	Value
Private Investments — 87.8% (continued)
Secondary Funds — 20.2% (continued)
Equity — 16.5% (continued)
Growth Equity — 1.5%
Ion Pacific Succession SCSp^(1),(2),(4)	$	4,730,079
NVP Monogram Co-Invest, LP^{(1),(2),(4),(8)}		12,936,280
		17,666,359

Real Assets — 0.0%
Global Infrastructure Partners II-C, LP^(1),(2),(4)		243,676
		200,641,452
Total Secondary Funds (Cost $178,863,350)		245,348,820

Total Private Investments (Cost $746,724,063)		1,065,602,902

U.S. Treasury Bills — 6.1%
United States Treasury Bill, 3.63% OID, 4/7/2026, principal $37,500,000		37,278,125
United States Treasury Bill, 3.70% OID, 4/9/2026, principal $37,500,000⁽⁹⁾		37,165,781
Total U.S. Treasury Bills (Cost $74,443,906)		74,443,906

Short-Term Investments — 10.0%
UMB Money Market Fiduciary, 0.01%, shares 19,163,838^{(8),(10),(11)}		19,163,838
UMB Money Market Special, 3.49%, shares 102,308,601^(10),(11)		102,308,601
Total Short-Term Investments (Cost $121,472,439)		121,472,439

Total Investments (Cost $942,640,408) — 103.9%	$	1,261,519,247
Liabilities in excess of other assets — (3.9)%		(47,889,334	)
Net Assets — 100%	$	1,213,629,913

CSA — Credit Spread Adjustment

EUR — European Union Currency (Euro)

EurlBOR3M — Three Month Euribor Rate

GBP — Great Britain Pound

GP — General Partner

LLC — Limited Liability Company

LP — Limited Partnership

PIK — Payment In Kind

RAIF — Reserved Alternative Investment Fund

SCSp — Special Limited Partnership

SLP — Special Limited Partnership

SOFR1M — One Month Average Secured Overnight Financing Rate

SOFR3M — Three Month Average Secured Overnight Financing Rate

SONIA — Sterling Overnight Index Average

⁽¹⁾		Restricted security. The total value of these securities is $1,065,602,902, which represents 87.8% of total net assets of the Fund. Please refer to Note 7 in the Notes to Consolidated Financial Statements.
⁽²⁾		Investment is valued using the Fund’s pro rata net asset value (or its equivalent) as a practical expedient. Please refer to Note 3 in the Notes to Consolidated Financial Statements for respective investment strategies, unfunded commitments, and redemptive restrictions.
⁽³⁾		Level 3 securities fair valued using significant unobservable inputs. The total value of these securities is $169,485,909, which represents 14.0% of total net assets of the Fund.
⁽⁴⁾		Non-income producing.

See accompanying Notes to Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 2026

⁽⁵⁾		All or a portion of this security is held through a wholly-owned consolidated Subsidiary, Reverb, Ltd.
⁽⁶⁾		Affiliated investment for which ownership exceeds 5% of the investment’s capital with voting rights. Please refer to Note 6 in the Notes to Consolidated Financial Statements.
⁽⁷⁾		All or a portion of this security is held through a wholly-owned consolidated Subsidiary, Spartan I, LLC.
⁽⁸⁾		All or a portion of this security is held through a wholly-owned consolidated Subsidiary, BRCE Splitter, LLC.
⁽⁹⁾		All or a portion of this security is held through a wholly-owned consolidated Subsidiary, BRC UMB, LLC.
⁽¹⁰⁾		Rate disclosed represents the seven day yield as of the Fund’s period end.
⁽¹¹⁾		The account is an interest-bearing money market deposit account maintained by UMB Bank, n.a. in its capacity as a custodian for various participating custody accounts. The Fund may redeem its investments in whole, or in part, on each business day.

On March 31, 2026, the Bow River Capital Evergreen Fund had an outstanding forward foreign currency contract with terms as set forth below:

Settlement Date

Counterparty

Currency
Purchased

Currency
Sold

Contract Amount

Value

Unrealized
Depreciation

Buy

Sell

June 30, 2026

Bannockburn Global
Forex, LLC

USD

EUR

57,610,000

EUR

50,000,000

57,985,387

(375,387

)

(375,387

)

See accompanying Notes to Consolidated Financial Statements.

Bow River Capital Evergreen Fund

CONSOLIDATED Summary OF INVESTMENTS
MARCH 31, 2026

Security Type/Geographic Region	Percent of Total Net Assets
Private Investments
North America	65.4	%
Global	13.2	%
Europe	9.2	%
Total Private Investments	87.8	%
U.S. Treasury Bills	6.1	%
Short-Term Investments	10.0	%
Total Investments	103.9	%
Liabilities in excess of other assets	(3.9	)%
Net Assets	100.0	%

See accompanying Notes to Consolidated Financial Statements.

Bow River Capital Evergreen Fund

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2026

Assets:
Unaffiliated investments, at fair value (cost $735,243,626)	$	1,054,251,585
Short-term investments, at fair value (cost $195,916,345)		195,916,345
Cash		1,922,408
Affiliated investments, at fair value (cost $11,480,437)		11,351,317
Investments paid in advance		986,409
Due from Adviser (Note 2)		5,623,625
Prepaid expenses		625,837
Interest receivable		536,871
Cash denominated in foreign currencies (cost $61,242)		60,928
Total Assets		1,271,275,325

Liabilities:
Unrealized depreciation on forward foreign currency contracts		375,387
Payables
Shareholder subscriptions received in advance		19,163,838
Shareholder redemptions		17,371,129
Deferred tax liability		12,529,455
Income tax payable (Note 2)		5,623,625
Investment management fee		1,813,004
Professional fees		662,495
Other accrued liabilities		82,369
Accounting and administration fees		13,346
Distribution and service fees		10,764
Total Liabilities		57,645,412
Commitments and contingencies (Note 9)

Net Assets	$	1,213,629,913

Composition of Net Assets:
Paid-in capital	$	952,937,341
Total distributable earnings		260,692,572
Net Assets	$	1,213,629,913

Net Assets Attributable to:
Class I Shares	$	1,163,305,189
Class II Shares		50,324,724
	$	1,213,629,913

Shares of Beneficial Interest Outstanding (Unlimited Number of Shares Authorized, 100,000 shares registered; par value of $0.001):
Class I Shares		21,087,635
Class II Shares		922,321
		22,009,956

Net Asset Value per Share¹:
Class I Shares	$	55.17
Class II Shares		54.56

¹Each share class is subject to an early repurchase fee of 2.00% on any shares sold within 365 days of purchase.

See accompanying Notes to Consolidated Financial Statements.

Bow River Capital Evergreen Fund

CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 2026

Investment Income:
Interest income from unaffiliated investments	$	8,799,033	¹
Total Investment Income		8,799,033

Expenses:
Investment management fee (Note 5)		17,613,095
Legal fees		958,126
Audit and tax fees		650,615
Accounting and administration fees		624,209
Interest expense		325,149
Other fees		280,247
Transfer agent fees		259,999
Trustee fees (Note 5)		170,000
Chief Compliance Officer and Chief Financial Officer fees (Note 5)		150,196
Distribution and Service fees – Class II (Note 5)		113,768
Custody fees		100,001
Pricing fees		65,999
Total Expenses Before Income Tax		21,311,404
Voluntary Reimbursement of Expenses (Note 5)		(9,319,552	)
Income Tax Benefit (Note 2)		(68,080	)
Total Expenses After Income Tax		11,923,772
Net Investment Loss		(3,124,739	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Unaffiliated investments		7,409,618
Deferred tax liability		(1,081	)
Foreign currency transactions		59,901
Forward foreign currency contracts		(1,358,499	)
Total net realized gain		6,109,939
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments		133,857,688
Affiliated investments		(129,120	)
Deferred tax liability		(12,114,309	)
Foreign currency translations		(314	)
Forward foreign currency contracts		(235,316	)
Total net change in unrealized appreciation		121,378,629

Net Realized and Unrealized Gain		127,488,568

Net Increase in Net Assets from Operations	$	124,363,829

¹Includes paid-in kind interest of $678,736.

See accompanying Notes to Consolidated Financial Statements.

Bow River Capital Evergreen Fund

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	For the year ended March 31, 2026			For the year ended March 31, 2025
Net Increase in Net Assets from:
Operations:
Net investment loss	$	(3,124,739	)	$	(14,313,972	)
Net realized gain		6,109,939			15,045,533
Net change in unrealized appreciation, net of deferred tax		121,378,629			78,314,647
Net Increase in Net Assets Resulting from Operations		124,363,829			79,046,208

Distributions to Shareholders:
Distributions:
Class I		(14,659,668	)		(14,914,526	)
Class II		(667,355	)		(865,073	)
Net Decrease in Net Assets from Distributions to Shareholders		(15,327,023	)		(15,779,599	)

Capital Transactions:
Proceeds from shares sold:
Class I		367,454,033			212,164,676
Class II		10,293,708			13,294,108
Reinvestment of distributions:
Class I		9,704,028			9,519,417
Class II		235,034			459,014
Cost of shares repurchased:
Class I¹		(38,164,582	)		(23,858,409	)
Class II²		(5,058,381	)		(6,959,756	)
Net Increase in Net Assets from Capital Transactions		344,463,840			204,619,050

Total Net Increase in Net Assets		453,500,646			267,885,659

Net Assets
Beginning of period		760,129,267			492,243,608
End of period	$	1,213,629,913		$	760,129,267

Capital Share Transactions:
Shares sold:
Class I		7,070,758			4,518,977
Class II		198,864			283,378
Shares issued in reinvestment of distributions:
Class I		180,553			201,399
Class II		4,419			9,787
Shares redeemed:
Class I		(713,970	)		(497,405	)
Class II		(96,626	)		(145,250	)
Net Increase in Capital Shares Outstanding		6,643,998			4,370,886

¹Net of allocated repurchase fees of $8,410 and $33,296, respectively.

²Net of allocated repurchase fees of $398 and $1,987, respectively.

See accompanying Notes to Consolidated Financial Statements.

Bow River Capital Evergreen Fund

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED MARCH 31, 2026

Cash Flows from Operating Activities
Net increase in net assets from operations	$	124,363,829
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
Net realized gain from investments		(7,409,618	)
Net realized gain from foreign currency transactions		(59,901	)
Net realized loss from foreign currency contracts		1,358,499
Net change in unrealized appreciation from investments		(133,728,568	)
Net change in unrealized depreciation from deferred tax liability		12,114,309
Net change in unrealized depreciation from foreign currency translations		314
Net change in unrealized depreciation from foreign currency contracts		235,316
Purchases of investments		(359,300,836	)
PIK interest income added to principal amount of investment		(678,736	)
Sales of investments		86,195,528
Purchases of short term investments, net		(66,505,765	)
(Increase)/Decrease in Assets:
Due from Adviser		(5,623,625	)
Interest receivable		(57,629	)
Prepaid expenses		(430,560	)
Investment proceeds receivable		6,854,396
Investments paid in advance, at cost		8,833,438
Increase/(Decrease) in Liabilities:
Unrealized depreciation on forward foreign currency contracts		235,316
Investment management fee		678,550
Distribution and service fees		1,925
Professional fees		302,495
Accounting and administration fees		4,088
Other accrued liabilities		6,522
Income tax payable		(3,764,008	)
Net Cash Used in Operating Activities		(336,374,721	)

Cash Flows from Financing Activities
Proceeds from shares sold and payable for shareholder subscriptions received in advance		361,814,093
Distributions paid to shareholders, net of reinvestments		(5,387,961	)
Payments for shares repurchased, net of repurchase fees		(36,890,458	)
Net Cash Provided by Financing Activities		319,535,674

Effects of foreign currency exchange rate changes in cash		(1,534,228	)

Net decrease in cash		(18,373,275	)

Cash at beginning of period		20,356,611
Cash denominated in foreign currencies at beginning of period		—
Total cash and cash equivalents at beginning of period		20,356,611

Cash at end of period		1,922,408
Cash denominated in foreign currencies at end of period		60,928
Total cash at end of period	$	1,983,336

Supplemental disclosure of non-cash activity
Reinvestment of distributions from underlying investments	$	1,169,494
Reinvestment of distributions to shareholders		9,939,062

Supplemental disclosure of cash activity
Income tax paid	$	3,695,927
Deferred tax paid		1,081

See accompanying Notes to Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated Financial Highlights^*
CLASS I SHARES

Per share operating performance.
For a capital share outstanding throughout each period.

	For the year ended March 31, 2026¹			For the year ended March 31, 2025¹			For the year ended March 31, 2024¹			For the year ended March 31, 2023¹			For the year ended March 31, 2022¹
Net Asset Value, beginning of period	$	49.49		$	44.78		$	40.34		$	40.23		$	33.42
Income from Investment Operations:
Net investment loss²		(0.16	)		(1.07	)		(0.17	)		(0.52	)		(0.63	)
Net realized and unrealized gain on investments		6.58			6.92			5.31			1.76			7.71
Total from investment operations		6.42			5.85			5.14			1.24			7.08

Distributions to investors:
From net realized gain		(0.74)			(1.14	)		(0.70	)		(1.14	)		(0.27	)
Total distributions to investors		(0.74)			(1.14	)		(0.70	)		(1.14	)		(0.27	)
Redemption Fees²:		0.00	³		0.00	³		0.00	³		0.01			—
Net Asset Value, end of period	$	55.17		$	49.49		$	44.78		$	40.34		$	40.23

Total Return⁴		13.00	%		13.11	%		12.77	%		3.17	%		21.23	%

Ratios and Supplemental Data:
Net Assets, end of period (in thousands)	$	1,163,305		$	720,099		$	462,506		$	315,333		$	214,878

Net investment loss⁵		(0.30	)%^6,10		(2.28	)%		(0.40	)%		(1.31	)%		(1.73	)%

Gross expenses inclusive of interest expense and taxes^5,7		2.09	%⁶		3.60	%		2.13	%		2.20	%		2.42	%
Net expenses inclusive of interest expense and taxes^5,8		1.17	%^6,10		3.60	%		2.22	%		2.27	%		2.26	%

Income Tax Expense		—			1.50	%		—			—			—
Income Tax Benefit		(0.01	)%		—			—			—			—

Gross expenses exclusive of interest expense and taxes^5,7		2.07	%		2.08	%		2.11	%		2.18	%		2.41	%
Net expenses exclusive of interest expense and taxes^5,8		1.15	%^6,10		2.08	%		2.20	%		2.25	%		2.25	%

Portfolio Turnover Rate		10	%		14	%		15	%		13	%		19	%

Borrowings – Revolving Credit Facility	$	—		$	—		$	—		$	—		$	—
Assets Coverage per $1,000 of Borrowings⁹		—			—			—			—			—
Revolving Credit Facility		Not Applicable			Not Applicable			Not Applicable			Not Applicable			Not Applicable

^*Consolidated started for the year ended March 31, 2025.

¹Includes adjustments in accordance with accounting principles generally accepted in the United States of America, and consequently, the net asset value for financial reporting purposes and returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

²Per share data is computed using the average shares method.

³Redemption fees consisted of per share amounts of less than $0.01.

⁴Total returns are a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends and capital gain distributions are reinvested in shares of the Fund. Returns shown do not include payment of a 2.00% early repurchase fee for shares redeemed within 365 days of purchase. If the early repurchase fee was included, total returns would have been lower. Returns would have been lower if certain expenses had not been waived or reimbursed by Bow River Advisers, LLC (the “Adviser”).

⁵The ratios of expenses and net investment income to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying investment companies in which the Fund invests, including management and performance fees. As of March 31, 2026, the Fund’s underlying investment companies included a range of management fees from 0.00% to 2.25% (unaudited) and performance fees from 0% to 20% (unaudited).

⁶Annualized, with the exception of a voluntary reimbursement of income taxes and/or an income tax benefit.

⁷Represents the ratio of expenses to average net assets absent of fee waivers, expense reimbursements, and/or expense recoupments.

⁸Represents the ratio of expenses to average net assets inclusive of fee waivers, expense reimbursements, and/or expense recoupments by the Adviser (Note 5).

⁹Calculated by subtracting the Fund’s total liabilities (excluding the debt balance) from the Fund’s total assets and dividing by the outstanding debt balance.

¹⁰Includes a non-annualized 0.90% voluntary reimbursement of income taxes.

See accompanying Notes to Consolidated Financial Statements.

Bow River Capital Evergreen Fund

Consolidated Financial Highlights^*
CLASS II SHARES

Per share operating performance.
For a capital share outstanding throughout each period.

	For the year ended March 31, 2026¹			For the year ended March 31, 2025¹			For the year ended March 31, 2024¹			For the year ended March 31, 2023¹			For the period ended March 31, 2022^1,2
Net Asset Value, beginning of period	$	49.08		$	44.53		$	40.21		$	40.20		$	38.33
Income from Investment Operations:
Net investment loss³		(0.28	)		(1.18	)		(0.27	)		(0.62	)		(0.14	)
Net realized and unrealized gain on investments		6.50			6.87			5.29			1.76			2.01
Total from investment operations		6.22			5.69			5.02			1.14			1.87

Distributions to investors:
From net realized gain		(0.74	)		(1.14	)		(0.70	)		(1.14	)		—
Total distributions to investors		(0.74	)		(1.14	)		(0.70	)		(1.14	)		—
Redemption Fees³:		0.00	⁴		0.00	⁴		0.00	⁴		0.01			—
Net Asset Value, end of period	$	54.56		$	49.08		$	44.53		$	40.21		$	40.20

Total Return⁵		12.70	%		12.83	%		12.51	%		2.92	%		4.88	%⁶

Ratios and Supplemental Data:
Net Assets, end of period (in thousands)	$	50,325		$	40,030		$	29,737		$	24,287		$	6,409

Net investment loss⁷		(0.55	)%^8,13		(2.53	)%		(0.65	)%		(1.56	)%		(1.71	)%¹⁴

Gross expenses inclusive of interest expense and taxes^7,9		2.34	%⁸		3.85	%		2.38	%		2.45	%		2.67	%¹⁴
Net expenses inclusive of interest expense and taxes^7,10		1.42	%^8,13		3.85	%		2.47	%		2.52	%		2.51	%¹⁴

Income Tax Expense		—			1.50	%		—			—			—
Income Tax Benefit		(0.01	)%⁶		—			—			—			—

Gross expenses exclusive of interest expense and taxes^7,9		2.32	%		2.33	%		2.36	%		2.43	%		2.66	%¹⁴
Net expenses exclusive of interest expense^7,10		1.40	%^8,13		2.33	%		2.45	%		2.50	%		2.50	%¹⁴

Portfolio Turnover Rate		10	%		14	%		15	%		13	%		19	%¹¹

Borrowings – Revolving Credit Facility	$	—		$	—		$	—		$	—		$	—
Assets Coverage per $1,000 of Borrowings¹²		—			—			—			—			—
Revolving Credit Facility		Not Applicable			Not Applicable			Not Applicable			Not Applicable			Not Applicable

^*Consolidated started for the year ended March 31, 2025.

²Reflects operations for the period January 3, 2022 (commencement of operations) through March 31, 2022.

³Per share data is computed using the average shares method.

⁴Redemption fees consisted of per share amounts of less than $0.01.

⁵Total returns are a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends and capital gain distributions are reinvested in shares of the Fund. Returns shown do not include payment of a 2.00% early repurchase fee for shares redeemed within 365 days of purchase. If the early repurchase fee was included, total returns would have been lower. Returns would have been lower if certain expenses had not been waived or reimbursed by the Adviser.

⁶Not annualized for periods less than one year.

⁷The ratios of expenses and net investment income to average net assets do not reflect the Fund’s proportionate share of income and expenses of underlying investment companies in which the Fund invests, including management and performance fees. As of March 31, 2026, the Fund’s underlying investment companies included a range of management fees from 0.00% to 2.25% (unaudited) and performance fees from 0% to 20% (unaudited).

⁸Annualized, with the exception of a voluntary reimbursement of income taxes and/or an income tax benefit.

⁹Represents the ratio of expenses to average net assets absent of fee waivers, expense reimbursements, and/or expense recoupments.

¹⁰Represents the ratio of expenses to average net assets inclusive of fee waivers, expense reimbursements, and/or expense recoupments by the Adviser (Note 5).

¹¹The portfolio turnover rate is calculated at the Fund level. The percentage listed was calculated for the year ended March 31, 2022.

¹²Calculated by subtracting the Fund’s total liabilities (excluding the debt balance) from the Fund’s total assets and dividing by the outstanding debt balance.

¹³Includes a non-annualized 0.90% voluntary reimbursement of income taxes.

¹⁴Annualized.

See accompanying Notes to Consolidated Financial Statements.

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 2026

1. Organization

Bow River Capital Evergreen Fund (the “Fund”) was organized as a Delaware statutory trust on April 21, 2020 and commenced operations on January 1, 2021 following the reorganization of the Bow River Capital Evergreen Private Equity Fund, LP (the “Predecessor Fund”) with and into Class I Shares of the Fund, which was effective as of the close of business on December 31, 2020. The Fund currently offers two classes of shares: Class I Shares and Class II Shares (“Shares”). Class II Shares commenced operations on January 3, 2022. The Fund is a diversified, closed-end management investment company that operates as an interval fund pursuant to Rule 23c-3 of the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is available to prospective investors who meet the requirements as described in the Fund’s current prospectus.

The Fund’s investment objective is to generate long-term capital appreciation. The Fund invests in a broad portfolio of private equity investments that provide attractive risk-adjusted return potential. The Fund will seek to achieve its investment objective through broad exposure to private equity, private credit, and semi-liquid or listed investments, that may include: (i) direct investments; (ii) secondary investments; (iii) primary fund commitments; (iv) direct or secondary purchases of liquid credit instruments; (v) other liquid investments; and (vi) short-term investments.

Bow River Advisers, LLC, an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), serves as the Fund’s investment adviser (the “Adviser”). Bow River Asset Management, LLC owns a majority, controlling interest in the Adviser, and New York Life Investment Management Holdings, LLC owns a minority but controlling (as defined by the 1940 Act) stake in the Adviser. During the period, Apogem Capital, LLC and Aksia CA, LLC, each an investment adviser registered under the Advisers Act, each served as a non-discretionary investment consultant to the Adviser with respect to the Fund. Effective December 31, 2025, the investment consultant agreement by and between the Adviser and Aksia CA, LLC expired. The Fund’s Board of Trustees (the “Board” and the members thereof, the “Trustees”) has the overall responsibility for the management and supervision of the business operations of the Fund. The Board may delegate any of its rights, powers, and authority to, among others, the officers of the Fund, any committee of the Board, or the Adviser.

Consolidation of Subsidiaries — The Fund may make investments through wholly-owned subsidiaries. Subsidiaries will not be registered under the 1940 Act; however, the Fund will wholly own and control any Subsidiaries. The Board has oversight responsibility for the investment activities of the Fund, including its investment in any Subsidiary, and the Fund’s role as sole direct or indirect shareholder of any Subsidiary. To the extent applicable to the investment activities of a Subsidiary, the Subsidiary will follow the same compliance policies and procedures as the Fund. The Fund would “look through” any such Subsidiary to determine compliance with its investment policies. Furthermore, the Fund complies with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with the Subsidiaries. The Subsidiaries also comply with Section 17 of the 1940 Act relating to affiliated transactions and custody. In addition, the Fund does not intend to create or acquire primary control of any entity which primarily engages in investment activities in securities or other assets, other than entities wholly-owned by the Fund.

Each investment adviser to any such Subsidiary will comply with Section 15 of the 1940 Act with respect to advisory contract approval, including that (i) material amendments to any such Subsidiary’s advisory contract must be approved by the Fund’s shareholders or the Board in the manner and to the extent that the Fund’s advisory agreement must be approved by the Fund’s shareholders or the Board; and (ii) the Fund’s shareholders will have the ability to vote to terminate the Subsidiary’s advisory agreements to the extent that they can vote to terminate the Fund’s advisory agreement.

As of March 31, 2026, there were five wholly-owned subsidiaries: Spartan I, LLC, Thunder I, LLC, BRC UMB, LLC, BRCE Splitter, LLC, and Reverb, Ltd. Spartan I, LLC, Thunder I, LLC, BRC UMB, LLC, and BRCE Splitter, LLC were established on June 12, 2024, June 26, 2024, June 26, 2024, and June 17, 2025, respectively, as Delaware limited liability companies. Reverb, Ltd. was formed under the laws of the Cayman Islands on September 18, 2024. The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statement of Cash Flows, and Consolidated Financial Highlights of the Fund include the accounts of the subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation for the Fund, and as of March 31, 2026, Spartan I, LLC, Thunder I, LLC, BRC UMB, LLC, Reverb, Ltd., and BRCE Splitter, LLC had net assets of $121,963,701, $(186,111), $37,133,515, $3,299,286, and $204,254,248, respectively, which equals 10.0%, 0.0%, 3.1%, 0.3%, and 16.8%, respectively, of the Fund’s net assets.

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

2. Significant Accounting Policies

Basis of Presentation and Use of Estimates — The Fund is an investment company and as a result, maintains its accounting records and has presented these financial statements in accordance with the reporting requirements under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies (“ASC 946”). The presentation of the financial statements are in conformity with generally accepted accounting principles in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

Income Recognition and Expenses — Interest income is recognized on an accrual basis as earned. Certain interest income is recognized upon receipt when applicable under specific investment terms. Dividend income is recorded on the ex-dividend date. Distributions received from investments in securities and private funds that represent a return of capital or capital gains are recorded as a reduction of cost of investment or as a realized gain, respectively. Expenses are recognized on an accrual basis as incurred. The Fund bears all expenses incurred in the course of its operations, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Fund’s account; professional fees; costs of insurance; registration expenses; and expenses of meetings of the Board. Expenses are subject to the Fund’s Expense Limitation Agreement (see Note 5).

Investment Transactions — Investment transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the identified cost basis for publicly traded investments and average cost for the Fund’s private investments for both financial statement and federal income tax purposes.

Distributions to Shareholders — Distributions to shareholders arising from net investment income and net realized capital gains, if any, are declared and paid annually. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. Distributions to shareholders are recorded on the ex-dividend date.

Segment Reporting — An operating segment is defined, in FASB Accounting Standards Codification (“ASC”) Topic 280 — Segment Reporting, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund’s President and Chief Executive Officer acts as the Fund’s CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Consolidated Statement of Operations. The Fund’s class level total returns and expense ratios are disclosed in the Consolidated Financial Highlights.

New Accounting Pronouncement — In December 2023, the FASB issued Accounting Standards Updated 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted.

In the reporting period, the Fund adopted ASU 2023-09 which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. See Note 2, paragraph Domestic Blocker Income Tax, for more information.

Valuation — The Fund will calculate its net asset value (“NAV”) as of the close of regular trading on the New York Stock Exchange on the last business day of each calendar week, each business day for the five business days preceding a repurchase request deadline (at such specific time set by the Board), each date that a Share is offered or repurchased, as of the date of any distribution and at such other times as the Board shall determine (each, a “Determination Date”).

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

In determining its NAV, the Fund will value its investments as of the relevant Determination Date. The NAV of the Fund will equal, unless otherwise noted, the value of the total assets of the Fund, less all liabilities, including accrued fees and expenses, each determined as of the relevant Determination Date.

The Board has approved valuation procedures (“Valuation Procedures”) for the Fund and has approved the delegation of the day-to-day work of determining fair values and pricing responsibility for the Fund to the Adviser (“Valuation Designee”), subject to the oversight of the Board. The valuation of the Fund’s investments is performed in accordance with FASB’s ASC Topic 820 — Fair Value Measurements and Disclosures.

Securities that are publicly traded on a U.S. national securities exchange or any foreign stock exchange and for which a quoted market exists will be valued at the closing price of such securities based on their respective market. The money market demand accounts are priced at cost and are generally classified as Level 1 investments.

Debt instruments for which market quotations are readily available are typically valued based on such market quotations. In validating market quotations, the Valuation Designee considers different factors such as the source and the nature of the quotation in order to determine whether the quotation represents fair value. The Valuation Designee makes use of reputable financial information providers in order to obtain the relevant quotations.

For debt and equity securities which are not publicly traded or for which market prices are not readily available (unquoted investments) the fair value is determined in good faith by the Valuation Designee. In determining the fair values of these investments, the Valuation Designee will typically apply widely recognized valuation methodologies including, but not limited to, income approach, market approach, cost approach, discounted cash flow methods and third-party valuations. In order to determine a fair value, these methods are applied to the latest information as of the Determination Date provided by the underlying portfolio companies or other business counterparties, to the extent that such information is available and deemed reliable.

Due to the inherent uncertainty in determining the fair value of investments for which market values are not readily available the fair values of these investments may fluctuate from period to period. In addition, such fair value may differ materially from the values that may have been used had a ready market existed for such investments and may significantly differ from the value ultimately realized by the Fund.

Assets and liabilities initially expressed in foreign currencies will be converted into U.S. Dollars using foreign exchange rates provided by a recognized pricing service.

Primary and Secondary Fund Investments

Primary investments are commitments to new private equity, private credit, or other private funds. Secondary investments are purchases of existing interests that are acquired on the secondary market. Primary or secondary investments in private funds are generally valued based on the latest NAV reported by the third-party fund manager or General Partner. This is commonly referred to as using NAV as a practical expedient which allows for estimation of the fair value of an investment in a private fund based on NAV or its equivalent if the NAV of the private fund is calculated in a manner consistent with ASC 946. Because of the inherent uncertainty of valuations of the investments in private funds, their estimated values may differ significantly from the values that would have been used had a ready market for the private funds existed, and the differences could be material. New purchases of primary or secondary investments in private funds will be valued at acquisition cost initially until a NAV is provided by the third-party fund manager or General Partner. The Fund will review any cash flows since the reference date of the last NAV for a private fund received by the Fund from a third-party manager (“Portfolio Fund Manager”) until the Determination Date are recognized by (i) adding the nominal amount of the investment related capital calls and (ii) deducting the nominal amount of investment related distributions from the NAV as reported by the Portfolio Fund Manager.

In addition to tracking the NAV plus related cash flows of such secondary purchases of interests in closed-end private funds (“Portfolio Funds”), the Valuation Designee may also track relevant broad-based and issuer (or fund) specific valuation information relating to the assets held by each private fund which is reasonably available at the time the Fund values its investments. Portfolio Fund Managers only provide determinations of the net asset values of the Portfolio Funds on a monthly or quarterly basis, in which event it will not be possible to determine the net asset value of the Fund more frequently. The Valuation Designee will consider such information and may conclude in certain circumstances that the information provided by the Portfolio Fund Manager does not represent the fair value of a particular asset held by a Portfolio Fund. If the Valuation Designee concludes in good faith that the latest NAV reported by a Portfolio

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

Fund Manager does not represent fair value (e.g., there is more current information regarding a portfolio asset which significantly changes its fair value) the Valuation Designee will make a corresponding adjustment to reflect the current fair value of such asset within such Portfolio Fund. In determining the fair value of assets held by Portfolio Funds, the Valuation Designee applies valuation methodologies as outlined above.

Direct Investments

Direct investments are minority investments in a company made by investors alongside a private equity fund manager or venture capital firm. Direct investments in private equity funds may be valued based on the latest NAV reported by the third-party fund manager or General Partner. In assessing the fair value of the Fund’s direct investments in accordance with the Valuation Procedures, the Adviser uses a variety of methods such as earnings and multiple analysis, discounted cash flow and market data from third party pricing services and makes assumptions that are based on market conditions existing at the end of each reporting period. Because of the inherent uncertainty of estimates, fair value determinations based on estimates may differ from the values that would have been used had a ready market for the securities existed, and the differences could be material.

Foreign Currency Exchange Contracts — The Fund may enter into foreign currency exchange contracts. The Fund may enter into these contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date to hedge various investments, for risk management (i.e. hedging purposes). All foreign currency exchange contracts are market-to-market at the applicable translation rates resulting in unrealized gains or losses. Realized gains or losses are recorded at the time the foreign currency exchange contract is offset by entering into a closing transaction, or by the delivery, or receipt, of the currency. Risk may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

Federal Income Taxes — The Fund intends to continue to qualify as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund utilizes a tax-year end of September 30 and the Fund’s income and federal excise tax returns and all financial records supporting the prior year returns are subject to examination by the federal and Delaware revenue authorities. If so qualified, the Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and capital gains to shareholders. Management of the Fund is required to determine whether a tax position taken by the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, based on the technical merits of the position. The Fund’s policy is to classify any interest or penalties associated with underpayment of federal and state income taxes as an income tax expense on the Consolidated Statement of Operations.

The Fund did not meet the qualified income test (the “Source of Income Test”) under Subchapter M of the Code for the tax years ended September 30, 2024 and September 30, 2025 because it did not generate 90% of its gross income from qualifying sources. However, the Fund intends to utilize the provisions under Section 851(i) of the Code to cure such failures of the Source of Income Test and satisfy this test.

Income Tax Payable — The Fund estimated a tax liability of $9,387,633 that was recorded for the fiscal year ended March 31, 2025. After release of the March 31, 2025 annual report, the Adviser, with approval from the Board, agreed to reimburse the Fund for 100% of the tax liability. Since April 1, 2025, the Fund has paid income taxes in the amount of $3,695,927, relating to the tax year ended September 30, 2024. The Adviser reimbursed the Fund for this amount, as is reflected on the Consolidated Statement of Operations for the year ended March 31, 2026. Based on new information that became available in this period, the Fund also revised its previous estimate of 2025 tax liability. The impact of the revised amount is shown as Income Tax Benefit (estimated tax liability was reduced) on the Consolidated Statement of Operations. As of March 31, 2026, the balance of estimated tax liability for the tax year then ended is $5,623,625, which is reflected as Income Taxes Payable on the Consolidated Statement of Assets and Liabilities. When the final payment is made, the Adviser will reimburse the Fund, at which point, the tax liability will have had no affect on the Fund’s net asset value or the Fund’s shareholders.

Domestic Blocker Income Tax — Spartan I, LLC (the “Spartan Subsidiary”) is a wholly-owned subsidiary of the Fund and is a domestic limited liability company that has elected to be treated as a C Corporation for federal income tax purposes and as such is obligated to pay federal and state income tax on its taxable income. State tax returns are filed in various states in which an economic presence exists. Income taxes are charged based on apportioned income for each state. Currently, the federal income tax rate is 21.0%. The Fund is currently using a blended state tax rate net of Federal Benefit of 2.765%.

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

The amount of taxes paid by the Spartan Subsidiary will vary depending on the amount of capital appreciation of its investments and such taxes will reduce a Fund shareholder’s return from an investment in the Fund. Since the Spartan Subsidiary will be subject to taxation on the capital appreciation of its investments, the NAV of the Fund’s Shares will also be reduced by the accrual of any deferred tax liability. As a result, the Fund’s after tax performance will be impacted.

Spartan Subsidiary accrues deferred income taxes for any future liability associated with capital appreciation of its investments. Upon the sale of an investment, the Subsidiary may be liable for previously deferred taxes. The Spartan Subsidiary will rely to some extent on information, which is not necessarily timely, to estimate the deferred tax liability for purposes of financial statement reporting and determining the Fund’s NAV. From time to time, the Adviser may modify the estimates or assumptions related to the Subsidiary’s deferred tax liability as new information becomes available. Deferred tax assets are reduced by a valuation allowance when, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and the rates on the date of enactment.

Reverb, Ltd., Thunder I, LLC, BRC UMB, LLC, and BRCE Splitter, LLC are disregarded entities for income tax purposes.

The Fund’s current and deferred tax (expense)/benefit as of March 31, 2026 consists of the following:

Deferred tax (expense) benefit
Federal	$	(10,330,169	)
State		(1,784,140	)
	$	(12,114,309	)
Total income tax (expense) benefit	$	(12,114,309	)

Components of the Fund’s deferred tax assets and liabilities are as follows:

Deferred tax assets:
Net operating loss carryforward	$	374,411

Deferred tax liability
Net unrealized gain on investments	$	(12,903,866	)
Net deferred tax asset/(liability)	$	(12,529,455	)

Total income tax (expense)/benefit (current and deferred) differs from the amount computed by applying the federal and state statutory income tax rates to net investment income and realized and unrealized gain/(losses) on investment before taxes as follows in the table below. The table reflects adoption of ASU 2023-09.

	Amount			Percent
Federal Income tax expense at statutory rate	$	(10,165,928	)	21.00	%
State Income taxes (net of federal benefit)		(1,338,514	)	2.77	%
Contribution of unrealized gain property		(609,867	)	1.26	%
Net income tax (expense) benefit	$	(12,114,309	)	25.03	%

The following table summarizes income taxes paid (net of refunds received).

U.S. federal	$	—
U.S. state and local		1,081
Foreign		—
Total Income Tax Paid	$	1,081

Shareholder Subscriptions — Shareholder subscriptions received in advance are comprised of cash received on or prior to March 31, 2026 for which shares are issued on April 1, 2026. Shareholder subscriptions received in advance do not participate in the earnings of the Fund until shares are issued.

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

3. Fair Value Disclosures

GAAP defines fair value, establishes a three-tier framework for measuring fair value based on a hierarchy of inputs, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly and how that information must be incorporated into a fair value measurement. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the fair value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

• Level 1 — unadjusted quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.

• Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc. and quoted prices for identical or similar assets in markets that are not active.) Inputs that are derived principally from or corroborated by observable market data. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement.

• Level 3 — significant unobservable inputs, including inputs that are not derived from market data or cannot be corroborated by market data and when the investment is not redeemable in the near term.

Private investments that are reported on the Fund’s schedule of investments as being measured at fair value using the Fund’s pro rata NAV (or its equivalent) without further adjustment, as a practical expedient of fair value and therefore these investments are excluded from the fair value hierarchy. Generally, the fair value of the Fund’s investment in a private investment represents the amount that the Fund could reasonably expect to receive from the investment fund if the Fund’s investment is withdrawn at the measurement date based on NAV.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the valuation inputs used to value the Fund’s assets and liabilities as of March 31, 2026:

			Fair Value Measurements at the End of the Reporting Period Using
Investments	Practical Expedient*		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Security Type
Private Investments**	$	895,655,493	$	—	$	461,500	$	169,485,909	$	1,065,602,902
U.S. Treasury Bills		—		—		74,443,906		—		74,443,906
Short-Term Investments		—		121,472,439		—		—		121,472,439
Total	$	895,655,493	$	121,472,439	$	74,905,406	$	169,485,909	$	1,261,519,247

* Certain investments that are measured at fair value using the Fund’s pro rata NAV (or its equivalent) as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Schedule of Investments.

** All sub-categories within the security type represent their respective evaluation status. For a detailed breakout, please refer to the Consolidated Schedule of Investments.

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

The following is a roll-forward of the activity in investments in which significant unobservable inputs (Level 3) were used in determining fair value on a recurring basis:

		Beginning balance April 1, 2025			Transfers into Level 3 during the period			Transfers out of Level 3 during the period			Purchases or Contributions			Sales or Distributions			Net realized gain			Change in net unrealized appreciation			Ending balance March 31, 2026
Private Investments		$	106,335,056		$	3,934,516		$	(34,891,762)		$	69,640,085		$	(13,159,075)		$	2,183,656		$	35,443,433		$	169,485,909

The change in net unrealized appreciation (depreciation) included in the Consolidated Statement of Operations attributable to Level 3 investments that were held as of March 31, 2026 is $28,667,136.

Transfers into Level 3 during the period represent investments being valued by management using unobservable inputs as an adjustment to reported fair values. Transfers out of Level 3 during the period represent investments that are being measured at fair value using the Fund’s pro rata NAV (or its equivalent) as a practical expedient and/or being valued using observable market data.

The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 Fair Value Measurements for investments held as of March 31, 2026:

Level 3 Investments	Fair Value as of March 31, 2026		Valuation Technique	Unobservable Inputs	Range of Inputs/Discount Rate/Price/Simple Average	Impact to Valuation from an Increase in Input
Direct Investments
Credit
Senior Credit
ClearScale, LLC T/L A	$	901,668	Income Approach	Discount rate	9.81% – 12.31%/10.81%	Decrease
Corsair Blade IV (Luxembourg) S.a.r.l.		4,516,815	Income Approach	Discount rate	9.29% – 11.65%	Decrease
Pathstone Family Office, LLC		2,882,543	Income Approach	Discount rate	8.18% – 9.18%	Decrease

Subordinated Credit
Eagle Point SRT Co-Invest I, LP		3,291,720	Income Approach	Discount rate	9.5% – 10.25%/10.34%	Decrease
Nexus Apex Holdings, LLC		9,800,000	Market Approach	Transaction Price	Not Applicable	Increase
Polaris Newco		1,655,650	Income Approach	Discount rate	21.75% – 23.00%/22.38%	Decrease

Equity
Buyout
AE Co-Investment Partners Fund III-R, LP		12,056,039	Market Approach	Liquidation Preference	1.5x	Increase
Beekeeper TopCo		5,500,000	Market Approach	General Partner Net Asset Value	Not Applicable	Increase
Corsair Amore Investors, LP*		1,950,062	Market Approach	General Partner Net Asset Value	Not Applicable	Increase
			Market Approach	Adjusted EBITDA Multiple	3.11x – 15.21x	Increase
			Market Approach	Adjusted EBITDA Multiple	3.55x – 14.9x	Increase
DSG Group Holdings, LP		10,961,900	Market Approach	Adjusted EBITDA Multiple	12.0x	Increase
IvyRehab Holdings, LLC		11,022,719	Market Approach	General Partner Net Asset Value	Not Applicable	Increase
KKR Game Changer Co-Invest, LP		8,400,000	Market Approach	Liquidation Preference	1.4x	Increase
MML Stratos Investco, Ltd.		5,776,340	Market Approach	Transaction Price	Not Applicable	Increase
QHP Sapphire SPV, LP		21,832,996	Market Approach	General Partner Net Asset Value	Not Applicable	Increase
Veregy Parent, LLC		6,622,254	Market Approach	Adjusted EBITDA Multiple	10.50x	Increase

Growth Equity
Cheetah Investment Holdings-A, LLC		16,713,240	Market Approach	General Partner Net Asset Value	Not Applicable	Increase
Curaechoice, Inc.		5,258,679	Market Approach	Transaction Price	Not Applicable	Increase
Westcap Loanpal Co-invest 2020, LLC**		2,494,355	Market Approach	General Partner Net Asset Value	8,000,000	Increase
			Income Approach	Discount rate	37.5%	Decrease
			Market Approach	Adjusted EBITDA Multiple	1.21x – 8.17x	Increase

Venture
NVP Mars Co-Invest II, LP		1,500,000	Market Approach	Transaction Price	Not Applicable	Increase

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

Level 3 Investments	Fair Value as of March 31, 2026		Valuation Technique	Unobservable Inputs	Range of Inputs/Discount Rate/Price/Simple Average	Impact to Valuation from an Increase in Input
Primary Funds
Credit
Senior Credit
Tikehau Private Debt Secondaries II SCSp	$	2,078,484	Market Approach	General Partner Net Asset Value	Not Applicable	Increase

Equity
Growth Equity
Prysm Capital Fund II, LP		14,860,897	Market Approach	General Partner Net Asset Value	Not Applicable	Increase
WestCap Strategic Operator U.S. Feeder Fund, LP		6,243,134	Market Approach	General Partner Net Asset Value	Not Applicable	Increase

Secondary Funds
Credit
Senior Credit
BRCE SPV I, LLC		146,973	Market Approach	General Partner Net Asset Value	Not Applicable	Increase

Subordinated Credit
Coller Capital CBL Fund II		3,934,516	Market Approach	General Partner Net Asset Value	Not Applicable	Increase

Equity
Buyout
Graphite Capital Partners VIII D, LP		2,809,503	Market Approach	General Partner Net Asset Value	Not Applicable	Increase
Great Hill Equity Partners IV, LP		1,011,503	Market Approach	General Partner Net Asset Value	Not Applicable	Increase
Great Hill Equity Partners V, LP		4,278,806	Market Approach	General Partner Net Asset Value	Not Applicable	Increase
			Market Approach	General Partner Net Asset Value	Not Applicable	Increase
SEP Hamilton, LP		985,113	Market Approach	Fair Value of Underlying Asset	$1.84 per share	Increase
Total Level 3 Investments	$	169,485,909

* Weighted allocations of General Partner Net Asset Value and Adjusted EBITDA Multiple were 10%, 45%, and 45%, respectively.

** Weighted allocations of Adjusted General Partner Net Asset Value, Discount Rate, and Adjusted EBITDA Multiple were 40%, 40%, and 20%, respectively.

The following is the fair value measurement of investments that are measured at the Fund’s pro rata NAV (or its equivalent) as a practical expedient:

Private Investments

Investment Style

Fair Value

Unfunded
Commitments

Redemption
Frequency

Redemption
Notice Period

Lock Up
Period

ACP Hyperdrive Co-Invest, LLC

Buyout

2,507,199

—

Subject to GP Consent

N/A

Adams Street 2009 Direct Fund, LP

Buyout

14,697

1,762

Subject to GP Consent

N/A

Adams Street 2010 Direct Fund, LP

Buyout

23,018

3,471

Subject to GP Consent

N/A

Adams Street 2011 Direct Fund, LP

Buyout

32,120

6,666

Subject to GP Consent

N/A

Adams Street 2011 Non-U.S. Developed Markets Fund, LP

Buyout

76,954

42,587

Subject to GP Consent

N/A

Adams Street 2011 U.S. Fund, LP

Buyout

169,593

58,073

Subject to GP Consent

N/A

Adams Street 2013 Global Fund, LP

Buyout

1,350,890

130,224

Subject to GP Consent

N/A

Adams Street 2014 Global Fund, LP

Buyout

752,352

67,754

Subject to GP Consent

N/A

Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP

Buyout

29,683

29,504

Subject to GP Consent

N/A

Adams Street Partnership Fund 2009 U.S. Fund, LP

Buyout

75,545

36,490

Subject to GP Consent

N/A

Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP

Buyout

76,954

26,567

Subject to GP Consent

N/A

Adams Street Partnership Fund 2010 U.S. Fund, LP

Buyout

155,589

52,955

Subject to GP Consent

N/A

AG DLI IV (Unlevered), LP

Senior Credit

8,735,824

—

Subject to GP Consent

N/A

Alchemy Special Opportunities Fund II, LP

Buyout

1,186,817

498,912

Subject to GP Consent

N/A

Alpine Investors Iceman CV[-A], LP

Buyout

11,578,865

733,176

Subject to GP Consent

N/A

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

Private Investments

Investment Style

Fair Value

Unfunded
Commitments

Redemption
Frequency

Redemption
Notice Period

Lock Up
Period

Altor Fund IV (No. 1) AB

Buyout

5,222,122

1,220,614

Subject to GP Consent

N/A

AP DSB Co-Invest II, LP

Buyout

3,881,929

34,482

Subject to GP Consent

N/A

AP Goat Co-Invest, LP

Buyout

4,957,468

53,966

Subject to GP Consent

N/A

Ashgrove Specialty Lending Fund I SCSp RAIF

Senior Credit

589,251

402,478

Subject to GP Consent

N/A

Ashgrove Specialty Lending Fund II

Senior Credit

803,916

2,427,184

Subject to GP Consent

N/A

ASP (Feeder) 2017 Global Fund, LP

Buyout

989,455

96,264

Subject to GP Consent

N/A

Avista Healthcare Partners II, LP

Buyout

4,723,540

394,817

Subject to GP Consent

N/A

Biloxi Co-Investment Partners, LP

Buyout

2,123,052

865,812

Subject to GP Consent

N/A

Blue Owl Asset Special Opportunities IX GP, LP

Subordinated Credit

6,887,309

3,242,105

Subject to GP Consent

N/A

Blue Wolf Capital Fund IV, LP

Buyout

4,565,664

642,421

Subject to GP Consent

N/A

Brentwood Associates Private Equity VI, LP

Buyout

3,091,956

641,165

Subject to GP Consent

N/A

Bright Meadow Agency MBS Onshore Fund, LP

Liquid

8,402,810

—

Monthly

30 days

N/A

Brightwood U.S. Credit Fund, LP

Senior Credit

2,217,575

339,069

Subject to GP Consent

N/A

Butterfly Nourish Co-Invest, LP

Buyout

12,388,389

—

Subject to GP Consent

N/A

BW Colson Co-Invest Feeder (Cayman), LP

Buyout

6,245,390

—

Subject to GP Consent

N/A

BW Phoenix Co-Invest, LP

Buyout

13,912,794

—

Subject to GP Consent

N/A

Capital Dynamics Global Secondaries VI, LP

Buyout

870,393

340,000

Subject to GP Consent

N/A

Carlyle Riser Co-Investment, LP

Buyout

1,801,240

36,473

Subject to GP Consent

N/A

CCS Co-Investment Vehicle 2 (Feeder), LP

Subordinated Credit

13,563,931

4,716,644

Subject to GP Consent

N/A

CCS Co-Investment Vehicle I, LP

Subordinated Credit

4,711,682

2,628,425

Subject to GP Consent

N/A

CF24XB SCSp

Buyout

12,170,373

—

Subject to GP Consent

N/A

CIP IX Co-Investment Vehicle 2, LP

Buyout

10,503,262

5,287,783

Subject to GP Consent

N/A

CL-EA Co-Investment Opportunities I, LP

Opportunistic

6,596,833

—

Subject to GP Consent

N/A

Coller Credit Opportunities I – Annex I, SLP

Senior Credit

1,193,235

1,126,133

Subject to GP Consent

N/A

Coller Credit Opportunities I – B, LP

Senior Credit

3,284,542

1,322,594

Subject to GP Consent

N/A

Coller International Partners VI Feeder Fund, LP – Class A

Buyout

41,384

—

Subject to GP Consent

N/A

Coller International Partners VII Feeder Fund, LP – Series B

Buyout

1,160,776

1,244,187

Subject to GP Consent

N/A

Constellation 2022, LP

Buyout

5,221,928

—

Subject to GP Consent

N/A

Corsair Riva Munich Co-Investment, LP

Buyout

9,259,279

—

Subject to GP Consent

N/A

Coyote 2021, LP

Buyout

10,931,898

393,776

Subject to GP Consent

N/A

CRG Partners III – Parallel Fund (A), LP

Subordinated Credit

1,546,297

3,513,488

Subject to GP Consent

N/A

Crown Secondaries Special Opportunities II B, S.C.S.

Buyout

3,206,447

520,171

Subject to GP Consent

N/A

Crown Secondaries Special Opportunities II, S.C.S.

Buyout

8,381,944

1,193,901

Subject to GP Consent

N/A

Dawson Portfolio Finance 4, LP

Buyout

3,413,141

544,499

Subject to GP Consent

N/A

Dawson Portfolio Finance 5, LP

Buyout

5,178,481

2,432,094

Subject to GP Consent

N/A

Digital Alpha Solutions Fund, LP

Opportunistic

4,539,663

—

Subject to GP Consent

N/A

Eagle Point Co-Invest II, LP

Subordinated Credit

4,113,198

3,579,744

Subject to GP Consent

N/A

Eagle Point Enhanced Income Fund US, LP

Subordinated Credit

8,185,230

6,750,000

Quarterly

90 days

Two years

Enak Aggregator, LP

Buyout

4,510,342

—

Subject to GP Consent

N/A

EnCap Energy Transition Fund 1-A, LP

Real Assets

725,284

2,370,417

Subject to GP Consent

N/A

Ethos Capital Digital Infrastucture, LP

Buyout

3,784,421

428,861

Subject to GP Consent

N/A

Ethos Capital Investments, LP

Buyout

2,773,434

882,446

Subject to GP Consent

N/A

Falcon Co-Investment Partners, LP

Buyout

3,039,245

964,212

Subject to GP Consent

N/A

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

Private Investments

Investment Style

Fair Value

Unfunded
Commitments

Redemption
Frequency

Redemption
Notice Period

Lock Up
Period

FFL Capital Partners V, LP

Buyout

10,150,176

1,336,061

Subject to GP Consent

N/A

First Reserve Ascent Opportunities Feeder Fund, LP

Buyout

9,577,014

963,208

Subject to GP Consent

N/A

Gasherbrum Fund II, LP

Buyout

5,219,535

59,084

Subject to GP Consent

N/A

Global Infrastructure Partners II-C, LP

Real Assets

243,676

229,866

Subject to GP Consent

N/A

Global Infrastructure Partners III-A/B, LP

Buyout

2,237,528

434,171

Subject to GP Consent

N/A

Grain Spectrum Holdings III (Cayman), LP

Opportunistic

4,149,265

280,277

Subject to GP Consent

N/A

Gridiron Capital Fund V, LP

Buyout

5,272,207

586,351

Subject to GP Consent

N/A

H.I.G. Starlite-B Co-Investment, LP

Buyout

7,743,271

249,789

Subject to GP Consent

N/A

Hg Vega Co-Invest, LP

Buyout

9,409,159

—

Subject to GP Consent

N/A

HHC InXpress Group CV, LP

Buyout

6,294,192

263,973

Subject to GP Consent

N/A

ICG Europe Fund VII Feeder SCSp

Buyout

4,294,285

1,970,299

Subject to GP Consent

N/A

ICG LP Secondaries Fund I, LP

Buyout

3,117,869

3,774,397

Subject to GP Consent

N/A

ICG Ludgate Hill IV-A Leopard, LP

Buyout

5,299,604

2,380,766

Subject to GP Consent

N/A

Ion Pacific Ostrich Echo, LLC

Growth Equity

3,201,744

—

Subject to GP Consent

N/A

Ion Pacific Stonecutter III (Cayman), LP

Growth Equity

2,608,391

2,838,763

Subject to GP Consent

N/A

Ion Pacific Succession SCSp

Growth Equity

4,730,079

1,945,110

Subject to GP Consent

N/A

ISH Co-Investment Aggregator, LP

Buyout

2,306,281

692,308

Subject to GP Consent

N/A

Kelso XI Astra Co-Investment, LP

Buyout

17,704,346

1,500,000

Subject to GP Consent

N/A

KH Aggregator, LP

Buyout

3,699,452

—

Subject to GP Consent

N/A

Leeds Equity Partners VI, LP

Buyout

3,382,202

249,733

Subject to GP Consent

N/A

Leeds Equity Partners VII-A, LP

Buyout

5,069,140

261,952

Subject to GP Consent

N/A

LH Equity Investors, LP

Buyout

20,387,689

—

Subject to GP Consent

N/A

LJ Ranger Co-Invest, LP

Buyout

11,080,548

1,476,501

Subject to GP Consent

N/A

Lynx EBO Fund I (A), LLC

Opportunistic

24,625

—

Subject to GP Consent

N/A

MML Keystone SCSp

Buyout

3,602,656

2,591,321

Subject to GP Consent

N/A

NCS Investment, LP

Buyout

6,338,993

—

Subject to GP Consent

N/A

New Vintage Partners Fund I, LP

Growth Equity

5,955,418

1,625,446

Subject to GP Consent

N/A

NVP Mars Co-Invest, LP

Venture

5,551,264

—

Subject to GP Consent

N/A

NVP Monogram Co-Invest, LP

Growth Equity

12,936,280

228,371

Subject to GP Consent

N/A

NVP Olipop, LLC

Growth Equity

1,255,173

—

Subject to GP Consent

N/A

OceanSound Partners Co-Invest II, LP – Series B

Buyout

12,323,914

—

Subject to GP Consent

N/A

OceanSound Partners Co-Invest II, LP – Series E

Buyout

13,944,485

—

Subject to GP Consent

N/A

OceanSound Partners Fund II, LP

Buyout

8,025,715

2,107,315

Subject to GP Consent

N/A

OceanSound Partners Fund, LP

Buyout

5,798,302

173,436

Subject to GP Consent

N/A

OceanSound SMX Continuation Fund, LP

Buyout

7,247,356

38,179

Subject to GP Consent

N/A

OceanSound SMX Rollover, LP

Buyout

2,070,521

20,369

Subject to GP Consent

N/A

Onex Fund V, LP

Buyout

5,938,435

1,082,235

Subject to GP Consent

N/A

Onex OD Co-Invest, LP

Buyout

3,492,438

—

Subject to GP Consent

N/A

Onex Structured Credit Opportunities International Fund I, LLC

Senior Credit

276,511

—

Subject to GP Consent

N/A

OSP Co-Invest II, LP

Buyout

13,103,336

—

Subject to GP Consent

N/A

Overbay 2025 Fund (International), LP

Buyout

8,778,097

3,000,000

Subject to GP Consent

N/A

Overbay 2025 Fund Annual Series Aggregator (AIV V), LP

Buyout

9,261,975

2,500,000

Subject to GP Consent

N/A

Overbay Capital Partners 2023 Fund Aggregator, LP

Buyout

11,079,102

1,560,333

Subject to GP Consent

N/A

Overbay Capital Partners 2024 Fund Aggregator (AIV VI) II, LP

Buyout

13,984,206

2,040,000

Subject to GP Consent

N/A

Overbay Capital Partners 2024 Fund Aggregator (AIV VII), LP

Buyout

24,995,054

4,848,005

Subject to GP Consent

N/A

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

Private Investments

Investment Style

Fair Value

Unfunded
Commitments

Redemption
Frequency

Redemption
Notice Period

Lock Up
Period

Overbay Fund XIV (AIV III), LP

Buyout

662,863

170,407

Subject to GP Consent

N/A

Overbay Fund XIV Offshore (AIV), LP

Buyout

1,807,261

579,387

Subject to GP Consent

N/A

Overbay Fund XIV Offshore, LP

Buyout

1,604,014

16,715

Subject to GP Consent

N/A

Palms Co-Investment Partners, LP

Buyout

4,311,546

188,340

Subject to GP Consent

N/A

PARIOU SLP

Subordinated Credit

7,801,661

19,987

Subject to GP Consent

N/A

PBN II-A Equity Holdings, LP

Subordinated Credit

700,454

474,051

Subject to GP Consent

N/A

PIMCO DSCO Fund II Offshore Feeder, LP

Senior Credit

6,124,855

—

Quarterly

60 days

One Year

Pinegrove Opportunity Partners I Gold Co-Invest, LP

Growth Equity

5,074,083

—

Subject to GP Consent

N/A

Pinegrove Opportunity Partners I, LP

Growth Equity

6,423,110

4,653,791

Subject to GP Consent

N/A

Porcupine Holdings, LP – Class A

Buyout

2,592,896

2,075,472

Subject to GP Consent

N/A

Porcupine Holdings, LP – Class B

Buyout

1,426,166

—

Subject to GP Consent

N/A

Project Stream Co-Invest Fund, LP

Buyout

2,317,155

—

Subject to GP Consent

N/A

PS Co-Invest II, LP

Buyout

3,240,931

—

Subject to GP Consent

N/A

PSC Tiger, LP

Buyout

10,746,516

967,995

Subject to GP Consent

N/A

Resolute Fund IV, LP

Buyout

3,354,417

150,668

Subject to GP Consent

N/A

Resolute III Continuation Fund, LP

Buyout

8,732,959

663,025

Subject to GP Consent

N/A

RREF III Debt Direct Domestic Investors, LP

Subordinated Credit

2,416,752

—

Subject to GP Consent

N/A

RREF III Debt Domestic Investors, LP

Subordinated Credit

6,240,583

—

Subject to GP Consent

N/A

Saba Capital Carry Neutral Tail Hedge Offshore Fund, Ltd.

Liquid

9,917,561

—

Monthly

35 days

6 months

SANCY SLP

Buyout

1,623,019

19,987

Subject to GP Consent

N/A

SCPCV-A, LP

Buyout

5,680,772

529,211

Subject to GP Consent

N/A

SEP Hamilton III Aggregator, LP

Buyout

3,059,781

—

Subject to GP Consent

N/A

SEP Skyhawk Fund III Aggregator II, LP

Buyout

550,517

—

Subject to GP Consent

N/A

SEP Skyhawk Fund III Aggregator, LP

Buyout

375,507

—

Subject to GP Consent

N/A

Sheridan Capital Partners Fund III, LP

Buyout

5,443,688

2,087,169

Subject to GP Consent

N/A

Silver Lake Strategic Investors VI, LP

Buyout

7,058,307

—

Subject to GP Consent

N/A

SK Capital Partners VI-A, LP

Buyout

9,157,994

7,378,349

Subject to GP Consent

N/A

Soundcore Capital Partners Fund III-A

Buyout

3,442,714

4,084,825

Subject to GP Consent

N/A

Soundcore Fund III REP CI-A, LP

Buyout

3,177,049

—

Subject to GP Consent

N/A

Soundcore Fund III RR CI-A, LP

Buyout

4,968,843

—

Subject to GP Consent

N/A

Soundcore Fund III TS CI-A, LP

Buyout

2,971,836

—

Subject to GP Consent

N/A

Sprinkler 2024 Co-Investment I (Feeder) SCSp

Buyout

16,000,064

808,581

Subject to GP Consent

N/A

Steamboat Credit Opportunities I, LLC

Subordinated Credit

11,351,317

14,265,857

Subject to GP Consent

N/A

Sumeru Equity Partners Fund III, LP

Buyout

2,421,627

90,948

Subject to GP Consent

N/A

Sumeru Equity Partners Fund IV, LP

Buyout

2,625,485

1,434,392

Subject to GP Consent

N/A

T6 Co-Invest B, LP

Buyout

10,971,664

—

Subject to GP Consent

N/A

TCV Beat Co., LP

Buyout

9,187,073

—

Subject to GP Consent

N/A

Tikehau Private Debt Secondaries (Delaware), LP

Senior Credit

1,983,267

285,000

Subject to GP Consent

N/A

TPG IX Evergreen Cl 1, LP

Buyout

11,956,263

640,323

Subject to GP Consent

N/A

Tracer Investors Co-Invest, LP

Buyout

9,571,778

400,000

Subject to GP Consent

N/A

Triton Fund 6 SCSp

Buyout

1,163,371

8,940,433

Subject to GP Consent

N/A

Truelink Alpine, LP

Buyout

5,911,716

843,333

Subject to GP Consent

N/A

Truelink Capital Fund I-A, LP

Buyout

11,672,305

884,563

Subject to GP Consent

N/A

Valeas Capital Partners Fund I, LP

Buyout

14,272,492

2,017,549

Subject to GP Consent

N/A

VCF Compass Co-Investor Holdings II, LP

Buyout

1,052,237

—

Subject to GP Consent

N/A

VCF Compass Co-Investor Holdings, LP

Buyout

8,771,162

—

Subject to GP Consent

N/A

VCPF III Co-Invest 1-A, LP

Senior Credit

2,971,044

—

Subject to GP Consent

N/A

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

Private Investments

Investment Style

Fair Value

Unfunded
Commitments

Redemption
Frequency

Redemption
Notice Period

Lock Up
Period

Vistage Equity Investors, LP

Buyout

11,972,262

—

Subject to GP Consent

N/A

Vistria Agua CV, LP

Buyout

21,227,355

2,533,034

Subject to GP Consent

N/A

Voleon Composition International Fund

Liquid

12,702,821

—

Monthly

30 days

None

Voloridge Fund, LP

Liquid

5,235,923

—

Monthly

90 days

N/A

WestCap Cerebral Co-Invest 2021, LLC

Growth Equity

60,562

—

Subject to GP Consent

N/A

WestCap Strategic Operator Fund II, LP

Growth Equity

6,537,410

88,041

Subject to GP Consent

N/A

Wildcat 21 Co-Invest Fund, LP

Buyout

3,846,944

—

Subject to GP Consent

N/A

WP Gateway Co-Invest, LP

Buyout

3,063

—

Subject to GP Consent

N/A

Yorkville Partners, LP

Buyout

13,542,366

—

Subject to GP Consent

N/A

895,655,493

152,923,418

* Refer to the Consolidated Schedule of Investments for industry classification of individual securities.

4. Investment Transactions

Purchases and sales of investments, excluding short-term investments, for the year ended March 31, 2026 were $359,300,836 and $86,195,528, respectively.

5. Investment Management and Other Agreements

Pursuant to an Investment Management Agreement, the Fund will pay the Adviser a monthly investment management fee (the “Investment Management Fee”) in consideration of the advisory services provided by the Adviser to the Fund. The Investment Management Fee is equal to 1.75% on an annualized basis of the Fund’s average daily Managed Assets during such period. “Managed Assets” means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes) minus the sum of the Fund’s accrued liabilities (other than money borrowed for investment purposes). The Investment Management Fee is paid to the Adviser out of the Fund’s assets and decreases the net profits or increases the net losses of the Fund. The Investment Management Fee will be computed as of the last day of each month. During the year ended March 31, 2026, the Fund incurred $17,613,095 in investment management fees.

The Adviser entered into investment consultant agreements with Aksia CA, LLC and Apogem Capital, LLC (each an “Investment Consultant,” and together, the “Investment Consultants”) to assist the Adviser with sourcing, evaluating, and selecting investments for the Fund’s portfolio. As the Investment Consultants, Aksia CA, LLC and Apogem Capital, LLC recommend investments to the Adviser and has no involvement in investment decisions, any related negotiations, or the finalization of any investment. Currently, a high concentration of the Fund’s investments are sourced by the Investment Consultants. During the period, in consideration for services provided by Aksia CA, LLC, the Adviser paid an investment consultant fee equal to 0.375%, on an annualized basis, of the net asset value of the Fund’s investments (less cash and cash equivalents) existing as of December 31, 2024, with a minimum of $2 million, plus 0.375%, on an annualized basis, of the net asset value of all investments sourced by Aksia CA, LLC and invested by the Fund on and after January 1, 2025. Effective December 31, 2025, the investment consultant agreement by and between the Adviser and Aksia CA, LLC expired. In consideration for services provided by Apogem Capital, LLC, the Adviser pays an investment consultant fee equal to 0.375%, on an annualized basis, based on the Fund’s average daily Managed Assets attributable to investments sourced by Apogem Capital, LLC and invested by the Fund.

The Adviser has entered into an expense limitation and reimbursement agreement (the “Expense Limitation Agreement”) with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a “Waiver”), if required to ensure the Fund’s aggregate monthly ordinary operating expenses, excluding certain “Specified Expenses” listed below, borne by the Fund in respect of each Class of Shares to an amount not to exceed 0.50%, on an annualized basis, of the Fund’s month-end net assets (the “Expense Cap”).

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

If the Fund’s aggregate monthly ordinary operating expenses, exclusive of the Specified Expenses in respect of any Class of Shares for any month, exceed the Expense Cap applicable to that Class of Shares, the Adviser will waive its Management Fee and/or reimburse the Fund for expenses to the extent necessary to eliminate such excess. The Adviser may also directly pay expenses on behalf of the Fund and waive reimbursement under the Expense Limitation Agreement. To the extent that the Adviser waives its Management Fee and/or reimburses expenses, the Adviser may, for a period not to exceed three years from the date on which a Waiver is made, recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund’s expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment.

Specified Expenses that are not covered by the Expense Limitation Agreement and are therefore borne by shareholders of the Fund include: (i) the Investment Management Fee; (ii) all fees and expenses of Fund Investments (including any underlying fees of the Fund Investments (the “Acquired Fund Fees and Expenses”)); (iii) transactional costs, including legal costs and brokerage commissions, associated with the acquisition and disposition of private market assets and other investments; (iv) interest payments incurred on borrowing by the Fund; (v) fees and expenses incurred in connection with a credit facility, if any, obtained by the Fund; (vi) distribution and shareholder servicing fees, as applicable; (vii) taxes; and (viii) extraordinary expenses resulting from events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding, indemnification expenses, and expenses in connection with holding and/or soliciting proxies for all annual and other meetings of common shareholders.

The Expense Limitation Agreement is in effect until December 29, 2026, and will automatically renew thereafter for consecutive twelve-month terms, provided that such continuance is specifically approved at least annually by a majority of the Board. The Expense Limitation Agreement may be terminated by the Board upon thirty days’ written notice to the Adviser. As of March 31, 2026, there are no amounts recoupable by the Adviser. For the year ended March 31, 2026, the Adviser voluntarily reimbursed $9,319,552 of the income tax expenses which are not subject to recoupment by the Adviser.

In consideration of the services rendered by the Independent Trustees, the Fund pays each Independent Trustee a retainer of $65,000 per year in consideration of the services rendered by the Independent Trustees. In addition, the Fund pays an additional retainer of $2,500 per year to the Chairman of the Audit Committee and to the Chairman of the Nominating Committee. Trustees that are interested persons will not be compensated by the Fund. The Trustees do not receive any pension or retirement benefits.

Employees of PINE Advisors LLC (“PINE”) serve as Chief Compliance Officer, Chief Financial Officer and Assistant Treasurer of the Fund. PINE receives a monthly fee for the services provided to the Fund. The Fund also reimburses PINE for certain out-of-pocket expenses incurred on the Fund’s behalf.

The Fund has adopted a Distribution and Service Plan with respect to Class II Shares in compliance with Rule 12b-1 under the 1940 Act. The Distribution and Service Plan allows the Fund to pay distribution and servicing fees for the sale and servicing of its Class II Shares. Under the Distribution and Service Plan, the Fund may pay as compensation up to 0.25% on an annualized basis of the aggregate net assets of the Fund attributable to Class II Shares (the “Distribution and Servicing Fee”) to Foreside Financial Services, LLC (the “Distributor”) and/or other qualified recipients. Class I Shares are not subject to the Distribution and Servicing Fee. Foreside Financial Services, LLC acts as Distributor to the Fund on a best-efforts basis, subject to various conditions, pursuant to a Distribution Agreement (the “Distribution Agreement”) between the Fund and the Distributor. The Distributor may enter into agreements with selected broker-dealers, banks or other financial intermediaries for distribution of Class II Shares of the Fund. For the year ended March 31, 2026, distribution and service fees incurred are disclosed on the Consolidated Statement of Operations.

The Adviser may make payments from its resources, which include a portion of the Investment Management Fee, to brokers or dealers that assist in the distribution of Shares, including brokers or dealers that may be affiliated with the Adviser.

UMB Fund Services, Inc. serves as the Fund’s Administrator, Accounting Agent, and Transfer Agent. UMB Bank, N.A. serves as the Fund’s Custodian.

Certain officers and trustees of the Fund are also officers of the Adviser.

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

6. Affiliated Investments

Issuers that are considered affiliates, as defined in Section 2(a)(3) of the 1940 Act, of the Fund at period-end are noted in the Fund’s Schedule of Investments. The table below reflects transactions during the period with entities that are affiliates as of March 31, 2026 and may include acquisitions of new investments, prior year holdings that become affiliated during the period, and prior period affiliated holdings that are no longer affiliated as of period-end.

Non-Controlled Affiliates	Beginning Fair Value April 1, 2025		Purchases or Contributions		Sales or Distributions		Change in securities meeting the definition of an affiliated investment		Change in Unrealized Appreciation (Depreciation)			Net Realized Gain (Loss)		Ending balance March 31, 2026		Investment Income
Steamboat Credit Opportunities I, LLC	$	—	$	11,480,437	$	—	$	—	$	(129,120	)	$	—	$	11,351,317	$	—
Total Non-Controlled Affiliates	$	—	$	11,480,437	$	—	$	—	$	(129,120	)	$	—	$	11,351,317	$	—

7. Restricted Securities

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund’s investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board.

Additional information on each restricted investment held by the Fund on March 31, 2026 is as follows:

Private Investments	Initial Acquisition Date	Cost		Fair Value		% of Net Assets
ACP Hyperdrive Co-Invest, LLC	March 7, 2022	$	2,594,796	$	2,507,199	0.2	%
Adams Street 2009 Direct Fund, LP	April 1, 2022		16,764		14,697	0.0	%
Adams Street 2010 Direct Fund, LP	April 1, 2022		19,579		23,018	0.0	%
Adams Street 2011 Direct Fund, LP	April 1, 2022		32,581		32,120	0.0	%
Adams Street 2011 Non-U.S. Developed Markets Fund, LP	April 1, 2022		62,148		76,954	0.0	%
Adams Street 2011 U.S. Fund, LP	April 1, 2022		79,842		169,593	0.0	%
Adams Street 2013 Global Fund, LP	April 1, 2022		899,648		1,350,890	0.1	%
Adams Street 2014 Global Fund, LP	April 1, 2022		459,481		752,352	0.1	%
Adams Street Partnership Fund 2009 Non-U.S. Developed Markets Fund, LP	April 1, 2022		15,509		29,683	0.0	%
Adams Street Partnership Fund 2009 U.S. Fund, LP	April 1, 2022		65,631		75,545	0.0	%
Adams Street Partnership Fund 2010 Non-U.S. Developed Markets Fund, LP	April 1, 2022		47,962		76,954	0.0	%
Adams Street Partnership Fund 2010 U.S. Fund, LP	April 1, 2022		100,376		155,589	0.0	%
AE Co-Investment Partners Fund III-R, LP	February 21, 2025		8,060,039		12,056,039	1.0	%
AG DLI IV (Unlevered), LP	April 28, 2023		4,939,761		8,735,824	0.7	%
Alchemy Special Opportunities Fund II, LP	April 4, 2024		701,979		1,186,817	0.1	%
Alpine Investors Iceman CV[-A], LP	October 20, 2023		7,270,824		11,578,865	1.0	%
Altor Fund IV (No. 1) AB	August 12, 2022		5,280,785		5,222,122	0.4	%
AP DSB Co-Invest II, LP	July 30, 2021		1,805,064		3,881,929	0.3	%
AP Goat Co-Invest, LP	January 24, 2025		4,484,220		4,957,468	0.4	%
Ashgrove Specialty Lending Fund I SCSp RAIF	December 17, 2021		159,981		589,251	0.0	%
Ashgrove Specialty Lending Fund II	August 30, 2024		847,867		803,916	0.1	%

Bow River Capital Evergreen Fund

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

Private Investments	Initial Acquisition Date	Cost		Fair Value		% of Net Assets
ASP (Feeder) 2017 Global Fund, LP	April 1, 2022	$	577,686	$	989,455	0.1	%
Avista Healthcare Partners II, LP	March 16, 2021		2,747,108		4,723,540	0.4	%
Beekeeper TopCo	June 27, 2025		5,004,000		5,500,000	0.5	%
Biloxi Co-Investment Partners, LP	August 13, 2021		1,138,146		2,123,052	0.2	%
Blue Owl Asset Special Opportunities IX GP, LP	October 31, 2025		5,961,403		6,887,309	0.6	%
Blue Wolf Capital Fund IV, LP	December 31, 2024		2,699,746		4,565,664	0.4	%
BRCE SPV I, LLC	May 22, 2020		—		146,973	0.0	%
Brentwood Associates Private Equity VI, LP	December 31, 2024		1,890,503		3,091,956	0.3	%
Bright Meadow Agency MBS Onshore Fund, LP	April 4, 2025		8,004,000